Sec. 56(2)(viia) applies only to bogus capital building & money laundering cases

Aamby Valley Ltd Vs ACIT (ITAT Delhi) Initially by Finance Act 2004 with effect from 1st April, 2005, under Section 56(2) sub-section (v) was inserted and subsequently, other sub-sections (vi) (vii) and (viia) were inserted by the Taxation Laws Amendment Act, 2006, Finance Act 2009 with effect from 01st October 2009 and sub-section (viia) was inserted by the Finance Act, 2010 with effect from 01st June 2010. When clause (v) was inserted under Section 56(2) the Explanatory Notes on the said provision of Finance Act 2004 reads as under : “In order to curb bogus capital building and money len...