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115BBE Amendment Not Retrospective – ITAT Chennai Restricts Tax to 30% for Pre-01.04.2017 Transactions
Case Law Details
- Case Name
- Periyasamy Arunachalam Vs ITO (ITAT Chennai)
- 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 Chennai
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Periyasamy Arunachalam Vs ITO (ITAT Chennai)
U/s 115BBE Amendment Not Retrospective – ITAT Chennai Restricts Tax to 30% for Pre-01.04.2017 Transactions
In this case, the assessee faced additions under Section 68 for cash deposits during the demonetization period, and the Assessing Officer applied tax @ 60% under Section 115BBE. The CIT(A) upheld this higher rate.
However, before the ITAT Chennai, the assessee argued that the amended higher rate of 60% under Section 115BBE (introduced w.e.f. 15.12.2016) is applicable only from A.Y. 2018-19 onwards, and not for A.Y. 2017-18.
The Tribunal r...
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