Amendment in section 43B & 36 cannot be applied retrospectively

Jana Urban Services For Transformation Pvt. Ltd. Vs DCIT (ITAT Bangalore)

The ld.DR contention is that as per sec.43B(b) of the Income-tax Act and explanatory notes to Finance Act 1983, that Employees’ Contribution was never intended to be covered by sec.43B. This has been reiterated and reinforced through Explanation 5 to sec.43B and Explanation 2 to 36(1)(va) inserted by Finance Act 2021. If it was the intention of the legislature expressly made clear in thePlease become a Premium member. If you are already a Premium member, login here to access the full content.