ACIT vs Mulpuri Foods and Feeds Pvt. Ltd.

Whether share application money received by the assessee company can be treated as unexplained cash credit under section 68 of the Income Tax Act, 1961 when the assessee furnished share applications, confirmations, and details of shareholders' land holdings, and subsequently allotted shares --- Held No. Whether the proviso to section 68 introduced by Finance Act 2012 (effective from 01.04.2013) applies retrospectively to the assessment year 2012-13 --- Held No.