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Rate increase u/s. 115BBE from 30% to 60% effective only from 01.04.2017: Madras HC
Case Law Details
- Case Name
- S.M.I.L.E Microfinance Limited Vs ACIT (Madras High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Madras High Court
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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...
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