60% Tax Under Section 115BBE Applies from AY 2018-19: ITAT Ranchi

Dr. Satish Kumar Midha Vs PCIT (ITAT Ranchi) 60% Tax Under 115BBE Not for AY 2017-18 & Applies Only from AY 2018-19 -115BBE Amendment Prospective- – ITAT Ranchi Quashes 263 Orders A survey was conducted on 14.09.2016, wherein assessees admitted undisclosed income. AO completed assessments but did not apply the amended provisions of section 115BBE, which increased the tax rate from 30% to 60% w.e.f. 01.04.2017. PCIT invoked revisionary powers u/s 263, holding that AO erred in not applying the higher tax rate of 60% for AY 2017-18. Tribunal, however, noted that the amendment to section 115...