Section 69A Cash Deposit additions Taxable at 60% u/s 115BBE from AY 2018-19

Vijay Kumar Gupta Vs ITO (ITAT Delhi) Cash deposits during Demonetisation: Addition Sustained, But Tax Softened- Taxable u/s 69A, But 60% Rate u/s 115BBE applies only from AY 2018-19- ITAT Delhi Delhi Tribunal partly allowed Assessee’s appeal by holding that though unexplained demonetisation cash deposits are taxable u/s 69A, the higher tax rate of 60% u/s 115BBE is applicable only prospectively from 01.04.2017. Assessee, engaged in small business, filed return u/s 44AD declaring turnover. During demonetisation, deposited ₹78.95 lakh in cash in Canara Bank, HDFC Bank & Indian Bank acco...