Case Law Details
Pr. CIT Vs Binod Kumar Singh (Bombay High Court)
1. These appeals involve the same assessee and involve identical issues. For convenience, we may refer facts from Income Tax Appeal No. 107 of 2017.
2. This appeal is filed by the Revenue to challenge the judgment of the Income Tax Appellate Tribunal, Mumbai (“the Tribunal” for short) dated 18.12.2015. Following questions are presented for our consideration:-
(a) Whether on the facts and in the circumstances of the case and in law, the Tribunal was correct in holding that the assessee was not an ordinary resident without appreciating that the amendment brought in Section 6(6) by the Finance Act, 2003 w.e.f. 1.4.2004 was clarificatory in nature and had to be given retrospective effect as communicated by the Circular No. 7 of 2003 issued by the CBDT?
(b) Whether on the facts and in the circumstances of the case and in law, the Tribunal was correct in deleting the addition of Rs. 41,71,89,166/- made u/S. 68 on the ground that the assessee is a not an ordinary resident and the amount found deposited in the foreign bank is not taxable in India without appreciating that the provisions of Section 68 of the Income Tax Act, 1961 required the assessee to establish the source & nature of the funds transferred from the foreign bank accounts to the Indian Bank Accounts?
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