Fraudulently obtained SEIS scrips cannot support customs exemption; recovery, confiscation and penalties were sustained, but employee penalty fell awa...
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Surrendered income offered during a survey was accepted as business income at normal rates, and the Tribunal held that the enhanced tax rate under section 115BBE could not be applied for AY 2017-18. Relying on later High Court authority, it treated the higher rate as prospective from 01.04.2017, relevant from AY 2018-19 onwards, and therefore inapplicable to the year in issue. The surrendered sum was directed to be taxed only at normal rates, not at the enhanced rate under section 115BBE.
Surrendered income offered during a survey was accepted as business income at normal rates, and the Tribunal held that the enhanced tax rate under section 115BBE could not be applied for AY 2017-18. Relying on later High Court authority, it treated the higher rate as prospective from 01.04.2017, relevant from AY 2018-19 onwards, and therefore inapplicable to the year in issue. The surrendered sum was directed to be taxed only at normal rates, not at the enhanced rate under section 115BBE.
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