Amendment to section 36(1)(va) and 43B vide Finance Act, 2021 is effective from 01.04.2021

Mahindra and Mahindra Financial Services Limited Vs DCIT (ITAT Delhi) ITAT Delhi held that amendment to section 36(1)(va) of the Income Tax Act and section 43B of the Income Tax Act brought in Finance Act, 2021 is prospective in nature i.e. effective from 01.04.2021 and not retrospective in nature. Facts- In the present matter, the assessee contended that payment of employee’s contribution fee has been made before the due date for filing of return of income u/s. 139(1) of the Act, then same is allowable deduction. Ld. AR of the assessee further submitted that the amendment to section 36(1)(v...