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ITAT upheld the higher tax rate of 60% under section 115-BBE for assessment year 2017-18, reversing CIT(A)'s earlier determination. The tribunal followed precedential decisions from Kerala HC and coordinate bench rulings in Spectra Equipment and Chandan Garments cases. The amended provisions of section 115-BBE were deemed applicable, and the assessment order levying tax at 60% on income added under section 68 was consequently confirmed. The revenue's grounds were allowed, effectively establishing the retrospective applicability of the higher tax rate for the specified assessment year.
ITAT upheld the higher tax rate of 60% under section 115-BBE for assessment year 2017-18, reversing CIT(A)'s earlier determination. The tribunal followed precedential decisions from Kerala HC and coordinate bench rulings in Spectra Equipment and Chandan Garments cases. The amended provisions of section 115-BBE were deemed applicable, and the assessment order levying tax at 60% on income added under section 68 was consequently confirmed. The revenue's grounds were allowed, effectively establishing the retrospective applicability of the higher tax rate for the specified assessment year.
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