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2018 (7) TMI 366 - AT - Income TaxRevision u/s 263 - addition u/s 68 - Held that:- CIT has not stated anything against the propositions of law laid down by the Hon’ble Bombay High Court in the case of CIT vs. Gagandeep Infrastructure (P) Ltd. (2017 (3) TMI 1263 - BOMBAY HIGH COURT) and the judgment in the case of CIT v. M/s. Orchid Industries Pvt. Ltd. [2017 (7) TMI 613 - BOMBAY HIGH COURT] and the judgment in the case of Pr. CIT v. Veedhata Tower Pvt. Ltd. [2018 (4) TMI 1004 - BOMBAY HIGH COURT] where in it is held that the amendment to the proviso to Section 68 is not retrospective and thus cannot be applied for the assessment years prior to the assessment year 2013-14. We make it clear that the Assessing Officer, should not while framing fresh assessment order consequent to the order passed u/s 263 of the Act, take a view that the ld. CIT in the impugned order u/s 263 has concluded that the amendment to Section 68 of the Act is retrospective in nature. He is directed to follow the ratio of the judgment in the case of Rajmandir Estates Pvt. Ltd.(2016 (5) TMI 801 - CALCUTTA HIGH COURT) and the judgement of the Hon’ble Bombay High Court and Tribunals on this issue and decide the issue in accordance with law - Appeal of the assessee dismissed.
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