Conflicting HC Rulings: ITAT Adopts Assessee-Friendly View on Section 115BBE

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 rate of 60% introduc...