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2017 (3) TMI 1242 - HC - Income TaxRevision u/s 263 -provisions of Section 68 as amended given retrospective operation - C.I.T. to direct an enquiry to ascertain the source and genuineness of the sums being projected by the appellants as capital receipts - Held that:- We have already observed that the judgment in the case of Rajmandir Estates Private Ltd. (2016 (5) TMI 801 - CALCUTTA HIGH COURT ) was delivered considering the unamended provision of Section 68 of the Act. In the case of the assessees before us, there is no differing feature so far as applicability of the said statutory provision is concerned, even though the Tribunal in Subhalakshmi Vanijya Pvt. Ltd. (2015 (8) TMI 174 - ITAT KOLKATA) had held that the provisos to Section 68 of the Act are retrospective in their operation, and delivered the decision against the assessee in that case that reasoning. In the appeal of Rajmandir Estates Private Ltd. (supra), the Coordinate Bench did not consider it necessary to examine the question of retroactivity of the aforesaid provision. The Coordinate Bench found the order of the C.I.T. to be valid examining the order applying the unamended provision of Section 68 of the Act only. We do not find any other distinguishing element in these appeals which would require addressing the question as to whether the amendment to Section 68 of the Act was retrospective in operation or not. Neither do we need to address the issue that if the inquiries, as directed, revealed that share capital infused were actually unaccounted money, whether the same could be taxed in accordance with Section 56(2) (vii b) or not. It is not necessary in these appeals to deal with the question of retroactivity of the aforesaid provisions, for which that authority was cited. Asking for source of source can be relevant inquiry. - Decided against the assessee
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