https://www.taxtmi.com/highlights?id=104046 Section 115BBE applies only where income is validly assessable under sections 68 to 69D; a disclosure, surrender, cash deposit or addition alone does not establish that prerequisite. Qualifying income is subject to the special rate and cannot be reduced by expenditure, allowances or loss set-off. The 2016 substitution raising the principal rate from 30% to 60% expressly operates from 1 April 2017. Under the prospective approach, financial year 2016-17 remains taxable at 30%, while a contrary approach applies the revised rate to assessments for the following assessment year. Classification under a deeming provision must therefore precede rate application. Penalty under section 271AAC depends on a valid section 115BBE determination and satisfaction of its statutory conditions. en-us Tue, 22 Sep 2026 15:56:03 +0530 Tue, 22 Sep 2026 15:56:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=104046 Section 115BBE applies only where income is validly assessable under sections 68 to 69D; a disclosure, surrender, cash deposit or addition alone does not establish that prerequisite. Qualifying income is subject to the special rate and cannot be reduced by expenditure, allowances or loss set-off. The 2016 substitution raising the principal rate from 30% to 60% expressly operates from 1 April 2017. Under the prospective approach, financial year 2016-17 remains taxable at 30%, while a contrary approach applies the revised rate to assessments for the following assessment year. Classification under a deeming provision must therefore precede rate application. Penalty under section 271AAC depends on a valid section 115BBE determination and satisfaction of its statutory conditions. Highlights Income Tax Tue, 22 Sep 2026 15:56:03 +0530 https://www.taxtmi.com/highlights?id=104046