Demonetization Cash Deposit: 69 Addition Sustained but 115BBE @60% Not Applicable Before 01.04.2017

Dilbag Singh Vs ITO (ITAT Chandigarh) ITAT Chandigarh dealt with addition of ₹3.19 Lakh u/s 69 r.w.s. 115BBE out of total demonetization-period cash deposit of ₹14.19 Lakh. AO accepted agricultural income to that extent & added the balance ₹3.19 Lakh as unexplained. CIT(A) confirmed the addition. Assessee did not appear before Tribunal. Tribunal noted that Assessee himself admitted inability to explain source of ₹3.19 Lakh; hence the addition could not be deleted. However, Tribunal held that the enhanced rate of 60% u/s 115BBE is not applicable to transactions prior to 01.04.2017, ...