Taxing addition at higher rate u/s. 115BBE for cash deposit during demonetization not tenable: ITAT Surat

Manjulaben Madhubhai Hapani Vs ITO (ITAT Surat)

ITAT Surat held that provisions of section 115BBE of the Income Tax Act are enacted on 15.12.2016 hence taxing addition at higher rate u/s. 115BBE for prior period is not sustainable. Accordingly, AO directed to tax addition at normal rate of tax.

Facts- The case of the assessee was selected for complete scrutiny under CASS. Notably, The assessee had deposited cash of Rs.11,43,500/- during 09.11.2016 to 30.12.2016 in her bank accounts. She submitted that the same was from cash-on-hand and business receipts in c

Please become a Premium member. If you are already a Premium member, login here to access the full content.