Rate increase u/s. 115BBE from 30% to 60% effective only from 01.04.2017: Madras HC

S.M.I.L.E Microfinance Limited Vs ACIT (Madras High Court) Madras High Court held that increase in rate under section 115BBE of the Income Tax Act from 30% to 60% is effect only from 01.04.2017. Accordingly, for period prior to 01.04.2017, applicable rate will be 30%. Facts- The writ petitioner company is non-deposit taking Non-Banking Financial Company (NBFC) having license from the Reserve Bank of India (RBI) for functioning as a Micro Finance Institution (MFI) registered with RBI. During the demonetization period the petitioner deposited the cash available with it and the cash collections o...