60% Tax Disallowed Because Higher 115BBE Rate Applies Only From AY 2018-19

Navadurga Transport Company Vs ITO (ITAT Hyderabad) Hyderabad ITAT Upholds Reopening u/s 147 but Sets Aside Quantum for Fresh Verification & Removes 60% Tax u/s 115BBE for AY 2017-18: Hyderabad Tribunal examined (i) the validity of reassessment u/s 147 & (ii) applicability of the special tax rate u/s 115BBE. The case was reopened based on NMS data showing deposits of Rs. 2,54,59,579/- in the firm’s bank account though no return was filed. Assessment was completed u/s 147 r.w.s 144/144B treating the entire deposit as unexplained money u/s 69A. Before CIT(A), Assessee argued that these...