In the result, appeal of the revenue is dismissed
Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 163/Kol/2023 Assessment Year: 2012-13 D.C.I.T. Central Circle – 1(4), Kolkata M/S. Wise Investment Pvt. Ltd. Vs 3Rd Floor 5, Govind Chand Dhar Lane Kolkata - 700001 [Pan: Aaacw3141R] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Manish Tiwari, Fca Revenue By : Shri Abhijit Kundu, Cit D/R सुनवाई क" तारीख/Date Of Hearing : 26/09/2023 घोषणा क" तारीख /Date Of Pronouncement: 09/11/2023 आदेश/O R D E R Per Dr. Manish Borad: The Above Captioned Appeal Is Directed At The Instance Of The Revenue Against The Order Of The Learned Commissioner Of Income Tax, Appeals -21, Kolkata, (Hereinafter The “Ld. Cit(A)”) Dt. 26/12/2022, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2012-13. 2. The Assessee Has Raised The Following Grounds Of Appeal:- “1. Whether On The Facts & Circumstances Of The Case Ld. Cit (A) Is Justified In Deleting Addition Made U/S. 68 Of Rs.32,50,00,000/- Ignoring The Remand Report Dated 20.07.2022 Wherein The Report Categorically Stated That The Share Applicant Company Has No Creditworthiness To Invest In The Assesses Company. 2. Whether On The Facts & Circumstances Of The Case Ld. Cit (A) Was Erroneous As It Had Not Taken Cognizance Of The Fact That The 2
section 56(2) - the insertion of clause viib, have been discussed an adjudicated upon. It has been held by the judicial authorities that since the said amendments were made from 01.04.2013, they would have prospective effect am that they could not be applied to AYs 2012-13 or earlier, since they were no declaratory clarificatory or were for "the removal