Section 115BBE High Tax Rate Applies Only to Transactions After 1.4.2017

Babu Ram Aggarwal Vs ITO (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT) Delhi, in the case of Babu Ram Aggarwal vs. ITO for Assessment Year 2012-13, has ruled that the higher tax rate prescribed under Section 115BBE of the Income Tax Act, 1961, cannot be applied to transactions undertaken before April 1, 2017. This decision aligns with a recent judgment from the Madras High Court. The central issue in the appeal was the invocation of Section 115BBE by the Assessing Officer (AO) concerning an addition of Rs. 3,61,000/- made under Section 69C of the Act, which pertains to unexplained expe...