2026 (1) TMI 927

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....on 24-12-2019. At the time of hearing, none appeared for assessee. The perusal of order sheet entries would reveal that none is appearing for assessee since past many occasions. The Ld. Sr. DR pleaded for dismissal of the appeal. Left with no option, the appeal is dispose-off as under. 2. The assessee aged more than 70 years filed regular return of income declaring income of Rs.12.63 Lacs. It transpired that the assessee deposited cash of Rs.23,54,996/- during demonetization period and accordingly, the assessee was required to explain the sources thereof. The Ld. AO accepted substantial explanation of the assessee except for opening cash balance of Rs.5 Lacs and cash receipts of Rs.5,79,470/- as stated to be received by the assessee from....

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....nce in the present case all alleged transactions are for the period from 08.11.2016 to 30.12.2016, hence the erstwhile rate of tax 30% only is applicable. But the contention of the revenue is that the amendment was with effect from 01.04.2017 and hence the same is applicable for the financial year 2016-2017 and the assessment year 2017-2018. Further the amendment to section 115BBE is directly related to demonetization which would be evident from objects and reasons for such amendment. In order to consider the same, the objects and reasons of Taxation Laws (Second Amendment) Bill 2016 is extracted hereunder: Press Information Bureau Government of India Ministry of Finance 28-November-2016 15:56 IST Taxation Laws (Second ....

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....or the welfare of the poor but also the remaining part of the declared income legitimately comes into the formal economy. In this backdrop, an alternative Scheme namely, 'Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016' (PMGKY) has been proposed in the Bill. The declarant under this regime shall be required to pay tax @ 30% of the undisclosed income, and penalty @10% of the undisclosed income. Further, a surcharge to be called 'Pradhan Mantri Garib Kalyan Cess' @33% of tax is also proposed to be levied. In addition to tax, surcharge and penalty (totaling to approximately 50%), the declarant shall have to deposit 25% of undisclosed income in a Deposit Scheme to be notified by the RBI under the 'Pradhan Ma....