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Sec. 68 AO cannot Examine Source of Source in Non-Share Capital Cases
Case Law Details
- Case Name
- ACIT, Vs Smt. Prem Anand (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008-09
- Courts
- All ITAT, ITAT Delhi
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Ld. CIT(A) has rightly observed that the assessee is not required to explain source of source of the fund gets buttressed by the amendment made in section 68 with effect from 01.04.2013, which empowers the AO to examine source of source in case of share application money from 01.04.2013 and no other cases prior to that. This amendment further does not give power to the AO to examine source of source of non-share capital cases and that too prior to 01.04.2013. Undisputedly, the assessee has given complete addresses and credit worthiness of the persons from whom she has taken l...
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