https://www.taxtmi.com/caselaws?id=765046 ITAT Hyderabad upheld the application of 60% tax rate under Section 115BBE for unexplained cash deposits added under Section 68. The tribunal rejected the assessee's challenge to the higher tax rate, holding that the rate prescribed in Section 115BBE applies to the entire previous year 2016-17 relevant to A.Y. 2017-18. Following precedent from Chandan Garments case, the tribunal confirmed that machinery provisions regarding tax rates apply as per the Schedule declared by Parliament year-to-year, distinguishing this from retrospective application of charging provisions. The appeal was decided against the assessee. en-us Wed, 18 Dec 2024 00:00:00 +0530 Mon, 20 Jul 2026 17:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765046 ITAT Hyderabad upheld the application of 60% tax rate under Section 115BBE for unexplained cash deposits added under Section 68. The tribunal rejected the assessee's challenge to the higher tax rate, holding that the rate prescribed in Section 115BBE applies to the entire previous year 2016-17 relevant to A.Y. 2017-18. Following precedent from Chandan Garments case, the tribunal confirmed that machinery provisions regarding tax rates apply as per the Schedule declared by Parliament year-to-year, distinguishing this from retrospective application of charging provisions. The appeal was decided against the assessee. Case-Laws Income Tax Wed, 18 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765046