Amended Section 115BBE Applies from AY 2018-19, Not Retrospectively

Arjunsinh Harisinh Thakor Vs ITO (ITAT Surat) The Income Tax Appellate Tribunal (ITAT) Surat Bench has partially allowed an appeal filed by Arjunsinh Harisinh Thakor against an order from the National Faceless Appeal Centre (NFAC) for the Assessment Year 2017-18. The case primarily involved an addition of Rs. 31,42,500 made by the Income Tax Officer (ITO) under Section 68 of the Income Tax Act, 1961, for unexplained cash credits during the demonetization period, and the subsequent application of a higher tax rate under Section 115BBE. Background of the Case Arjunsinh Harisinh Thakor, the asses...