Explanation 5 to section 43B effective only from 1st April 2021

Mai Manpower Solutions LLP Vs ADIT (CPC) (ITAT Nagpur) Held that explanation 5 to section 43B has prospective effect. Hence, learned NFAC is not justified in disallowing the belated remittance of employees contribution to PF/ESI but paid within the due date of filing the return of income under the normal provisions of the I.T. Act. Facts- Department disallowed Rs. 102699/- being belated payment of employees contribution to PF/ ESI. Accordingly, appeal was filed before CIT(A). Learned NFAC held that held that the Explanation 5 inserted to section 43B of the Act is only clarificatory in nature h...