60% Tax Under Section 115BBE Not Applicable Before 1 April 2017

Page ContentsNidesh Jain Vs ACIT (ITAT Hyderabad) Nidesh Jain Vs ACIT (ITAT Hyderabad) Cash Deposit Explained Partly, 60% Tax Denied: ITAT Hyderabad Restricts s.115BBE to 30% for AY 2017-18 partly allowed the assessee’s appeal involving cash deposits and the harsh tax rate u/s 115BBE. The Assessee, a Chartered Accountant, had deposited ₹20.65 lakh in cash in his bank account. AO treated the same as unexplained cash credit u/s 68 and taxed it u/s 115BBE @ 60%. The explanation that the deposits represented past savings accumulated over years and kept with his father (supported by an affidavi...