Undisclosed Income from Loans and Shares Not Taxable Retroactively u/s 56(2)(vii)(b) of Income Tax Act.

Undisclosed Income from Loans and Shares Not Taxable Retroactively u/s 56(2)(vii)(b) of Income Tax Act. https://www.taxtmi.com/highlights?id=70930 Addition u/s 68 or 56 - Undisclosed income of unsecured loan - share application money receipt - the share application money was received in the financial year 2011-12 - provisions of Section 56(2)(vii)(b) cannot be made applicable as it was brought in the statute books only w.e.f. 01-04-2013 - Further since, the AO did not invoke Section 68 to bring the share premium to tax, additions can not be made u/s 68 also during the subsequent year - AT en-us Sat, 15 Jul 2023 11:13:56 +0530 Sat, 15 Jul 2023 11:13:56 +0530 TaxTMI RSS Generator Undisclosed Income from Loans and Shares Not Taxable Retroactively u/s 56(2)(vii)(b) of Income Tax Act. https://www.taxtmi.com/highlights?id=70930 Addition u/s 68 or 56 - Undisclosed income of unsecured loan - share application money receipt - the share application money was received in the financial year 2011-12 - provisions of Section 56(2)(vii)(b) cannot be made applicable as it was brought in the statute books only w.e.f. 01-04-2013 - Further since, the AO did not invoke Section 68 to bring the share premium to tax, additions can not be made u/s 68 also during the subsequent year - AT Highlights Income Tax Sat, 15 Jul 2023 11:13:56 +0530 https://www.taxtmi.com/highlights?id=70930