Higher tax rate of 60% u/s. 115BBE doesn’t apply to transactions prior to 01.04.2017: ITAT Chennai

Comal Ramachandran Gayathri Vs DCIT (ITAT Chennai) ITAT Chennai held that higher rate of tax @60% u/s. 115BBE of the Income Tax Act will not apply to transactions prior to cut-off date i.e. 01.04.2017. Accordingly, AO directed to calculate tax @30% on the amount sustained. Facts- The case of the assessee was selected for limited scrutiny to examine the source of cash deposits made during the demonetization period. During demonetization period assessee had deposited a sum of Rs.30,00,000/- in her bank account on 16.11.2016. AO completed the assessment u/s.143(3) of the Act vide order dated 12.0...