ITAT Chennai: 60% Tax U/s 115BBE Not Applicable for AY 2017-18 Transactions Prior to 01-04-2017

Nachimuthu Sivashanmugam Vs ITO (ITAT Chennai) The assessee, an individual engaged in the business of running goods carriages, had not filed his return for AY 2017-18. The AO initiated reassessment proceedings and initially made an addition of ₹4.10 crore u/s 68. Subsequently, in revision proceedings u/s 264, the PCIT set aside the assessment and directed the AO to pass a fresh order. In the fresh assessment, the AO treated cash deposits of ₹61.31 lakh as unexplained money u/s 69A. On appeal, the CIT(A) partly allowed the assessee’s claim and reduced the addition to ₹30.43 lakh, but ap...