Amended Section 115BBE Rate Not Applicable Retrospectively on Section 69A Addition

Reva Enterprises Vs ITO (ITAT Surat) The Surat Bench of the Income Tax Appellate Tribunal adjudicated three connected appeals for Assessment Year 2017–18 relating to quantum addition and penalties. The assessee had not filed its return of income for the relevant year. Based on information received during investigation, the Assessing Officer found substantial cash deposits and other credits in the assessee’s Dena Bank account, including deposits during the demonetisation period. Despite repeated notices, summons, and opportunities, the assessee failed to explain the nature and source of the...