https://www.taxtmi.com/caselaws?id=311148 The ITAT held that section 115BBE could not be applied retrospectively to unexplained money found during a search conducted on 16.08.2016. The amendment to section 115BBE came into effect on 01.04.2017 through the Taxation Laws (Second Amendment) Bill 2016, after demonetization. Since the search preceded the amendment, the assessing officer erred in invoking section 115BBE provisions. The assessee had already paid tax at 30% under prevailing provisions. The ITAT allowed the appeal, ruling that additions should be made under provisions existing at the time of search, not retrospectively applied amendments. en-us Mon, 08 May 2023 00:00:00 +0530 Mon, 17 Mar 2025 11:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311148 The ITAT held that section 115BBE could not be applied retrospectively to unexplained money found during a search conducted on 16.08.2016. The amendment to section 115BBE came into effect on 01.04.2017 through the Taxation Laws (Second Amendment) Bill 2016, after demonetization. Since the search preceded the amendment, the assessing officer erred in invoking section 115BBE provisions. The assessee had already paid tax at 30% under prevailing provisions. The ITAT allowed the appeal, ruling that additions should be made under provisions existing at the time of search, not retrospectively applied amendments. Case-Laws Income Tax Mon, 08 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311148