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60% Tax Disallowed Because Higher 115BBE Rate Applies Only From AY 2018-19
Case Law Details
- Case Name
- Navadurga Transport Company Vs ITO (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Hyderabad
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Navadurga Transport Company Vs ITO (ITAT Hyderabad)
Hyderabad ITAT Upholds Reopening u/s 147 but Sets Aside Quantum for Fresh Verification & Removes 60% Tax u/s 115BBE for AY 2017-18:
Hyderabad Tribunal examined
(i) the validity of reassessment u/s 147 &
(ii) applicability of the special tax rate u/s 115BBE.
The case was reopened based on NMS data showing deposits of Rs. 2,54,59,579/- in the firm’s bank account though no return was filed. Assessment was completed u/s 147 r.w.s 144/144B treating the entire deposit as unexplained money u/s 69A.
Before CIT(A), Assessee ...
Author Info
