Higher Tax Rate u/s. 115BBE is applicable since 01.04.2016: ITAT Indore

Chandan Garments Private Ltd. Vs PCIT (ITAT Indore) Arguments Advanced by the Assessee-Appellant: 1. That the case pertains to A.Y 2017-18 (01.04.2016 to 31.03.2017) and the rate of tax u/s 115BBE was 30%+3%Cess as on first day of the Previous-Year i.e. 01.04.2016, therefore the tax-rate of 30%+3% Cess shall apply and not the higher rate. 2. That the higher rate of tax was prescribed in section 115BBE through an amendment made vide Taxation Laws (Second Amendment) Act, 2016 and the said amendment received assent of the President of India on 15.12.2016 and therefore the amendment shall apply pr...