Bogus Loan: No need to explain source of source prior to insertion of proviso to Sec. 68

Pr. CIT Vs Veedhata Tower Pvt. Ltd (Bombay High Court)

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 Apex Court in Lovely Exports (supra) in the context of the pre-amended Section 68 of the Act. In the above case, the Apex Court while dismissing the Revenue’s Appeal from the Delhi High Court had observed that, where the

Please become a Premium member. If you are already a Premium member, login here to access the full content.