2022 (2) TMI 570

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..... e Act, no disallowance is warranted as held in case of VALUE MOMENTUM SOFTWARE SERVICES PRIVATE LIMITED [ 2021 (5) TMI 989 - ITAT HYDERABAD] . Thus we direct the AO to delete the addition made towards employees PF contribution and confirmed by the ld. CIT (A) on this issue and accordingly, the grounds raised by the assessee on this issue is allowed. - ITA No. 521/Hyd/2021 - - - Dated:- 3-2-20 .....

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..... We have considered the rival submissions and perused the material on record as well as gone through the orders of revenue authorities. The assessee submitted before the lower authorities that the employees' contribution to PF paid after the due date, but, before the due date of filing the return of income. Therefore, the issue has been settled that if the assessee has paid the PF and ESI payme .....

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..... 3B but the former provision which is applicable in such an instance. We find no merit in the Revenue's foregoing stand. We take note of the explanatory memorandum to the Finance Act, 2021 proposing amendment in both Section 36(va) as well as Section 43B by inserting corresponding Explanations that although the impugned employees provident fund comes under the former provision only, the same is .....

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