Increased tax rate of 60% u/s. 115BBE applicable only from 01.04.2017: ITAT Ahmedabad

Naranbhai Samatbhai Bharwad Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that tax rate u/s. 115BBE of the Income Tax Act increased from 30% to 60% and the same is applicable only with effect from 1st April 2017 and not prior to the same. Hence, appeal allowed to that extent. Facts- The assessee filed return of income on 10.11.2017 declaring total income of Rs.2,09,270/-. The case has been taken up for complete scrutiny by the revenue authorities and addition of Rs.68,50,000/- has been made on account of cash deposits in bank account. CIT(A) affirmed the order of AO. Being aggrieved, the present...