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Section 68, cash credit

This query is : Resolved 
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(Querist)
17 December 2014 Dear Sir,

Amendment in section 68 is applicable from A.Y 2013-14 onwards.
Will this section be attracted if share application money is received before 2013-14 by company ?
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Amol S Joglekar

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Amol S Joglekar (Expert)
17 December 2014 Sec 68 is a time old section. From asst year 2013-14, the proviso is added for the private companies. It provides for certain conditions to be followed by the assessee company as well as the concerned person.
Before the asst year 2013-14, it should NOT be construed as an AMNESTY given to those transactions.
It can be very well taken as, before asst year 2013-14, if assessee company is NOT able to give the explanation, it was sufficient to treat the same under section 68
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