Cash Deposits during Demonetization: ITAT directs Normal 30 % Tax Rate citing S. 115BBE not Retrospective [Read Order]

The Tribunal observed that the amendment to Section 115BBE of the Income Tax Act was prospective and hence could not be applied retrospectively to Assessment Year 2017–18

By Franklin Joshva - On April 14, 2025 4:15 pm - 2 mins read

Cash Deposits - Cash Deposits during demonetization - demonetization - ITAT - taxscan

The Surat Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the higher tax rate introduced under Section 115BBE could not be applied retrospectively in the case involving cash deposit during demonetization. Manjulaben Madhubhai Hapani, (assessee) filed her return of income declaring total income of Rs. 2,38,920 and agricultural income of Rs. 6,92,062. The…

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