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60% Tax Under Section 115BBE Applies from AY 2018-19: ITAT Ranchi
Case Law Details
- Case Name
- Dr. Satish Kumar Midha Vs PCIT (ITAT Ranchi)
- 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 Ranchi
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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...
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