TaxTMI Login
🎉 Festive Offer: Flat 15% off on all plans! →⚡ Don’t Miss Out: Limited-Time Offer →
TaxTMI 
Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
When case Id is present, search is done only for this
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Section 115BBE not applicable to AY 2017-18; AO must compute tax under normal provisions for unexplained cash deposits</h1> <h3>Loksewak Leasing & Investment Pvt. Ltd. Versus Income-tax Officer, Ward-15 (4), Delhi.</h3> ITAT DELHI - AT held that section 115BBE is not applicable to the impugned assessment year 2017-18, relying on precedent that section 115BBE operates only ... Assessment u/s 115BBE - cash deposits unexplained - HELD THAT:- As per Smile Micro Finance Co. Ltd. [2024 (11) TMI 1444 - MADRAS HIGH COURT] section 115BBE of the Act is applicable only from 01.04.2017, whereas the impugned assessment year in the instant appeal is 2017-18. Accordingly direct the AO to finalize the consequential computation under normal provisions than u/s 115BBE of the Act in very terms. Appeal against NFAC order under section 143(3) of the Income-tax Act, 1961 for AY 2017-18. Assessee withdrew challenge to treatment of cash deposits of Rs. 9,56,000 as unexplained under sections 68/69A/115BBE, which was rejected as not pressed. On applicability of section 115BBE, relying on the Madras High Court in Smile Micro Finance Co. Ltd., the Tribunal notes that 'section 115BBE of the Act is applicable only from 01.04.2017.' Consequently, for AY 2017-18 the Assessing Officer is directed to 'finalize the consequential computation under normal provisions than u/s 115BBE of the Act.' Appeal is partly allowed for statistical purposes. Order pronounced in open court on 22.01.2025.
TaxTMI 
