https://www.taxtmi.com/caselaws?id=460648 ITAT Surat held that unexplained cash credits under section 68 warranted addition but provided relief of Rs. 4.50 lacs to the assessee individual, considering CBDT Circular No. 3/2017 allowing Rs. 2.50 lacs for demonetization deposits and additional Rs. 2.00 lacs given substantial income offered for taxation. Remaining addition of Rs. 8.80 lacs was sustained. However, following Division Bench precedents, ITAT ruled that enhanced tax rate under section 115BBE is not retrospectively applicable, directing taxation at normal rates instead of 60%. Appeal was partly allowed. en-us Tue, 06 Aug 2024 00:00:00 +0530 Fri, 07 Feb 2025 19:19:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460648 ITAT Surat held that unexplained cash credits under section 68 warranted addition but provided relief of Rs. 4.50 lacs to the assessee individual, considering CBDT Circular No. 3/2017 allowing Rs. 2.50 lacs for demonetization deposits and additional Rs. 2.00 lacs given substantial income offered for taxation. Remaining addition of Rs. 8.80 lacs was sustained. However, following Division Bench precedents, ITAT ruled that enhanced tax rate under section 115BBE is not retrospectively applicable, directing taxation at normal rates instead of 60%. Appeal was partly allowed. Case-Laws Income Tax Tue, 06 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460648