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Income Tax - Highlights / Catch Notes

Home Highlights July 2023 Year 2023 This

Addition u/s 68 or 56 - Undisclosed income of unsecured loan - ...

Income Tax

July 15, 2023

Addition u/s 68 or 56 - Undisclosed income of unsecured loan - share application money receipt - the share application money was received in the financial year 2011-12 - provisions of Section 56(2)(vii)(b) cannot be made applicable as it was brought in the statute books only w.e.f. 01-04-2013 - Further since, the AO did not invoke Section 68 to bring the share premium to tax, additions can not be made u/s 68 also during the subsequent year - AT

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