Tax Dispute: High Rate Confirmed for Undisclosed Income Under Section 115-BBE for Assessment Year 2017-18

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....ITAT upheld the higher tax rate of 60% under section 115-BBE for assessment year 2017-18, reversing CIT(A)'s earlier determination. The tribunal followed precedential decisions from Kerala HC and coordinate bench rulings in Spectra Equipment and Chandan Garments cases. The amended provisions of section 115-BBE were deemed applicable, and the assessment order levying tax at 60% on income added under section 68 was consequently confirmed. The revenue's grounds were allowed, effectively establishing the retrospective applicability of the higher tax rate for the specified assessment year.....