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Increased tax rate of 60% u/s. 115BBE applicable only from 01.04.2017: ITAT Ahmedabad
Case Law Details
- Case Name
- Naranbhai Samatbhai Bharwad Vs ITO (ITAT Ahmedabad)
- 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 Ahmedabad
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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...
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