Section 115BBE Applies When Source of Income Unexplained

ACIT Vs Uthangarai Sri Vidya Mandir Educational Trust (ITAT Chennai) The case of ACIT Vs Uthangarai Sri Vidya Mandir Educational Trust, heard by the Income Tax Appellate Tribunal (ITAT) in Chennai, delves into the applicability of Section 115BBE of the Income Tax Act. This section pertains to the taxation of unexplained income at a higher rate. The trust contested the application of this section to cash and gold coins seized during a search, arguing that Section 115BBE applies only when no explanation is offered for the income. In the assessment year 2017-18, the trust raised objections agains...