OSWAL POLYCOT (INDIA) PVT. LTD.,LUDHIANA vs. DCIT, CC-I, LUDHIANA

In the result, the appeal of the assessee in ITA No

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

68 by way of proviso was made by the Finance Act, 2012 with effect from 01/04/2013. Hence the same is not applicable to the year under consideration. In this regard, it was further held by the ld CIT(A) that the rotation of funds within the group companies can be on account of financial requirements and accommodation due to business