115BBE Amendment Not Retrospective – ITAT Chennai Restricts Tax to 30% for Pre-01.04.2017 Transactions

Periyasamy Arunachalam Vs ITO (ITAT Chennai) U/s 115BBE Amendment Not Retrospective – ITAT Chennai Restricts Tax to 30% for Pre-01.04.2017 Transactions In this case, the assessee faced additions under Section 68 for cash deposits during the demonetization period, and the Assessing Officer applied tax @ 60% under Section 115BBE. The CIT(A) upheld this higher rate. However, before the ITAT Chennai, the assessee argued that the amended higher rate of 60% under Section 115BBE (introduced w.e.f. 15.12.2016) is applicable only from A.Y. 2018-19 onwards, and not for A.Y. 2017-18. The Tribunal r...