Section 115BBE 60% Rate Not Retrospective, 30% for AY 2017-18

Ashish Anand Vs ITO (ITAT Delhi) ITAT Delhi: Employer’s Cash Deposits in Employee’s Account—Addition Remanded, 60% Tax u/s 115BBE Not Applicable for AY 2017-18 Delhi Tribunal dealt with the issue of unexplained cash deposits during the demonetization period. AO made an addition of ₹26,18,000/- u/s 69A r.w.s. 115BBE on the ground that substantial cash was deposited in Assessee’s bank accounts . Assessee contended that he was an employee of Shri Jitendra Pal, proprietor of J.P. Mobiles, & that the cash was deposited by his employer in Assessee’s accounts during demonetization. It...