Amendment in section 43B by Finance Act, 2021 is applicable prospectively

AKS Power Equipments (P) Ltd. Vs. DCIT (ITAT Kolkata) Where assessee remitted employees contribution towards PF and ESI before filing of return under section 139(1) and that the amendment/Explanation brought in Section 43B of Income Tax Act, 1961 by Finance Act, 2021 with effect from 1-4-2021 on the instant issue being prospective in nature, the said amendment would not be applicable to the relevant assessment year; thus, the addition made on account of delay in payment of employees contribution towards PF and ESI was liable to be deleted. FULL TEXT OF THE ORDER OF ITAT KOLKATA All these capti...