Tribunal held that legislature has incorporated necessary amendments in section 36(1)(va) as well as 43B vide Finance Act, 2021 to this effect and CBDT has issued Memorandum of Explanation that same applies with effect from 1-4-2021 only. Disallowance for relevant assessment year was not sustainable. (AY. 2019-10)
Salzgitter Hydraulics (P.) Ltd. v. ITO (2021) 189 ITD 676 (Hyd.) (Trib.)
S. 43B : Deductions on actual payment-Employee’s contribution to ESI/PF has been deposited before due date of filing section 139(1)-No disallowance can be made-Finance Act, 2021 to this effect and CBDT has issued Memorandum of Explanation that same applies with effect from 1-4-2021 only. [S. 2(24)(x), 36(1)(va), 139(1)]