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Higher tax rate of 60% u/s. 115BBE doesn’t apply to transactions prior to 01.04.2017: ITAT Chennai
Case Law Details
- Case Name
- Comal Ramachandran Gayathri Vs DCIT (ITAT Chennai)
- 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 Chennai
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Comal Ramachandran Gayathri Vs DCIT (ITAT Chennai)
ITAT Chennai held that higher rate of tax @60% u/s. 115BBE of the Income Tax Act will not apply to transactions prior to cut-off date i.e. 01.04.2017. Accordingly, AO directed to calculate tax @30% on the amount sustained.
Facts- The case of the assessee was selected for limited scrutiny to examine the source of cash deposits made during the demonetization period. During demonetization period assessee had deposited a sum of Rs.30,00,000/- in her bank account on 16.11.2016.
AO completed the assessment u/s.143(3) of the Act vide order dated 12.0...
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