Held that the Finance Act, 2013 was enacted at the beginning of financial year 2013-14 which would be applicable to the assessment year 2014-15. Therefore, the assessee’s contention that the amended provisions would be applicable for assessment year 2015-16, was not tenable The Tribunal however stated that the Commissioner (Appeals)’ observation that the provisions of section 56(2)(vii)(b) of the Act were explanatory and hence retrospectively applicable, were not sustainable. Tribunal also held that neither did anyone appear nor was any document filed to show the source of the cash payment made for the purchase of the property. Order of CIT(A) is affirmed. (AY.2014-15)
Balaram Suryavanshi v. ITO (2022) 93 ITR 4 (SN) (Kol.)(Trib.)
S. 56 : Income from other sources-Purchase of immovable property for value less than stamp duty value-Amendment is applicable for assessment year 2014-15 and subsequent years-Amendment is not retrospective-Unable to explain the source of cash payment-Assessable as income undisclosed income. [S. 56 (2)(vii)(b), 69].