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Taxing addition at higher rate u/s. 115BBE for cash deposit during demonetization not tenable: ITAT Surat
Case Law Details
- Case Name
- Manjulaben Madhubhai Hapani Vs ITO (ITAT Surat)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Surat
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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 cash. A show cause n...
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