Held that\u00a0\u00a0 the\u00a0Finance Act, 2013\u00a0was enacted at the beginning of financial year 2013-14 which would be applicable to the assessment year 2014-15. Therefore, the assessee\u2019s contention that the amended provisions would be applicable for assessment year 2015-16, was not tenable The Tribunal however stated that the Commissioner (Appeals)\u2019 observation that the provisions of section\u00a056(2)(vii)(b)\u00a0of 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.\u00a0 Order of CIT(A) is affirmed. (AY.2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
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].<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-28876","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7vK","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=28876"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28876\/revisions"}],"predecessor-version":[{"id":28877,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28876\/revisions\/28877"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=28876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=28876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=28876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}