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Conflicting HC Rulings: ITAT Adopts Assessee-Friendly View on Section 115BBE
Case Law Details
- Case Name
- Vallabhai Patel Kottapalli Vs ITO (ITAT Visakhapatnam)
- 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 Visakhapatnam
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Vallabhai Patel Kottapalli Vs ITO (ITAT Visakhapatnam)
ITAT Vizag Restricts Section 115BBE Levy to 30% – 60% Rate Not for AY 2017-18- Conflicting HC Rulings – Tribunal Adopts Assessee-Friendly View on Section 115BBE
Assessee, an agriculturist, had deposited Rs. 11.69 lakh during demonetisation. AO completed best judgment assessment u/s 144, treating Rs. 10.19 lakh as unexplained cash u/s 69A, & taxed it u/s 115BBE @60%. CIT(A) confirmed ex parte. On further appeal, though grounds on merits were not pressed, Assessee raised an additional legal ground that higher rat...
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