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TMI Blog2023 (8) TMI 1461X X X X Extracts X X X X X X X X Extracts X X X X ..... d not receive any amount cash in the immediate vicinity of the transactions. The 2022 amendment in Section 68 of the Act takes effect from 1st April, 2023 and will accordingly apply in relation to the assessment year 2023-24 and subsequent assessment years. The amendment is the illustration of application of Mischief Rule in interpretation of statutes. Memorandum explaining the amendment makes it crystal clear that amendment is proposed to remove doubts created by certain judicial rulings about the onus of proof of source of source. The principle may have been there in certain judgments in favor of Revenue, but now once this amendment has specifically made applicable the principles with effect from AY 2023-24, the Bench cannot apply retrosp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e addition of Rs. 4,56,50,000/- made by the Assessing Officer on account of unsecured loan taken by the assessee and Ld.CIT(A) has passed the order by not appreciating the remand report submitted by the Assessing Officer. (2) That the appellant craves for the permission to add, delete or amend grounds of appeal before or at the time of hearing of appeal." 3. Heard and perused the record. 4. Primarily the Ld. DR submitted that the evidence led by the assessee during the appellate proceedings has been relied without giving due consideration to the remand report. It was further submitted that even the evidence provided was insufficient to establish with the parties had their own sufficient funds and were genuine in the transaction. Ld. D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that Ld. CIT(A) had appreciated following facts individually for the four suspected parties; a) Mangal Sain Mittal; The issue was of unsecured loan of Rs 10 lacs. Ld. CIT(A) relied confirmation of lender, copy of ITR; copy of bank account of lender, explanation regarding source of loan of Rs 10 lacs) factum of confirmation of loan in statement recorded u/s 131 at remand stage. It was specifically of observed that in the accounts of lender there were no cash deposits. b) Mukesh Kumar; The issue was of unsecured loan of Rs 230,00,000. Ld. CIT(A) relied lender's confirmation, bank account; ITR of lender; source explanation and factum of loan confirmation by lender in statement recorded u/s 131 at remand stage. c) Yashpal; The issue wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t assessment years. The amendment is the illustration of application of 'Mischief Rule' in interpretation of statutes. Memorandum explaining the amendment makes it crystal clear that amendment is proposed to remove doubts created by certain judicial rulings about the onus of proof of source of source. The principle may have been there in certain judgments in favor of Revenue, but now once this amendment has specifically made applicable the principles with effect from AY 2023-24, the Bench cannot apply retrospectively. 8. Further if this evidence was insufficient to the satisfaction of ld. AO then the burden was on Ld. AO to have at least brought on record some evidence during the remand proceedings to show that the parties transacting with ..... X X X X Extracts X X X X X X X X Extracts X X X X
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