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2018 (4) TMI 1004
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....or the respondent. P.C. :- 1. This Appeal under Section 260-A of the Income Tax Act, 1961 (the Act), challenges the order dated 21st January, 2015 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order dated 21st January, 2015 is in respect of Assessment Year 2010-11. 2 The Revenue urges only the following question of law, for our consideration: "(a) Whet....
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.... the fund. This led to the addition of the loan of Rs. 1.65 crores as unexplained cash credit under Section 68 of the Act by order dated 20th March, 2010 for Assessment Year 2010-11. 5. In appeal, the view of the Assessing Officer was upheld by the Commissioner of Income-Tax (Appeals) in First Appeal. 6. On further appeal, the Tribunal while allowing the respondent's appeal records on fa....
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....rement of explaining the source of the source of receipts came into the statute book by amendment to Section 68 of the Act on 1st April, 2013 i.e. effective from Assessment Year 2013-14 onwards. Therefore, during the subject assessment year, there was no requirement to explain the source of the source. Be that as it may, the impugned order of the Tribunal held that the respondent-assessee had disc....
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....his Court in Commissioner of Income Tax V/s. Gangadeep Infrastructure Pvt. Ltd, 394 ITR 680 has held that the proviso to Section 68 of the Act has been introduced by the Finance Act, 2012 w.e.f. 1st April, 2013 and therefore it would be effective only from Assessment Year 2013-14 onwards and not for the earlier assessment years. In the above decision, reliance was placed upon the decision of the A....