Tax Rate of 60% u/s 115BBE Applies to Unexplained Cash Deposits for Entire Assessment Year 2017-18.

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Tax Rate of 60% u/s 115BBE Applies to Unexplained Cash Deposits for Entire Assessment Year 2017-18.

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....ITAT upheld application of higher tax rate (60%) u/s 115BBE for unexplained cash deposits treated as deemed income u/s 68. The Tribunal confirmed that enhanced tax rates apply to entire previous year 2016-17 (AY 2017-18), rejecting appellant's contention against retrospective application. Distinguishing between charging provisions and machinery provisions, ITAT clarified that while charging provisions cannot apply retrospectively, tax rates specified in Schedule are applicable as determined annually by Parliament. Following precedent in Chandan Garments Pvt Ltd case, ITAT found AO's tax computation at higher rate legally valid and dismissed the appeal.....

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Tax Rate of 60% u/s 115BBE Applies to Unexplained Cash Deposits for Entire Assessment Year 2017-18.