Section 115BBE Applies Only from 01.04.2017: ITAT Delhi

Advertisement DCIT Vs Resoursys Telecom (ITAT Delhi) In a ruling on two appeals (ITA Nos. 3015 & 3016/Del/2022) for the Assessment Year 2019-20, the Income Tax Appellate Tribunal (ITAT) Delhi addressed a dispute between the Deputy Commissioner of Income Tax (DCIT) and two related assessees, a firm named Resoursys Telecom and its proprietor. The central issue was the tax treatment of cash deposits totaling 3,55,38,000 and 1,46,02,000 respectively. The tax department’s Assessing Officer (AO) had classified these deposits as unexplained money under Section 69A of the Income-tax Act, 1961...