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ITAT Mumbai: 60% Tax u/s 115BBE Applies to AY 2017–18 on Unexplained Cash Deposits
Case Law Details
- Case Name
- DCIT Vs Skates Trades & Agencies Pvt. Ltd. (ITAT Mumbai)
- 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 Mumbai
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DCIT Vs Skates Trades & Agencies Pvt. Ltd. (ITAT Mumbai)
ITAT Mumbai: 60% Tax Rate u/s 115BBE Applicable for AY 2017-18 on Unexplained Cash Deposits – CIT(A) Erred in Reducing Rate & holding that higher rate is from AY 2018-19
Assessee, engaged in the business of liquor trading & operating 3-star resorts, filed its return of income declaring Nil income. The case was selected for scrutiny to examine large value of cash deposited during the demonetisation period. From AIMS data, it was noticed that during 09.11.2016 to 30.12.2016, the assessee deposited cash of ₹7,26,83,086...
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