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Monday, May 25, 2020

[ACCA_Profs] Expert Opinion: Is The Higher Tax Rate Of 60% U/s 115BBE On Unexplained Cash Credits Etc Retrospective?

 

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The following important updates are available at itatonline.org:

Higher Tax Rate On Income In View Of Amended Section 115BBE – Whether Retrospective?

Advocate Parveen Kumar Bansal (Former ITAT Vice President) and CA Gaurav Bansal have raised the interesting question whether the amendment to section 115BBE by the Taxation Laws (Second Amendment) Act, 2016 to tax unexplained cash credits, investments, expenditures etc under sections 68 etc at the higher tax rate of 60% can have retrospective application. The ld. authors have canvassed the convincing argument that the increased tax rate is prospective and should be confined only to additions made on account of unexplained demonetized currency and not for other additions. A large number of judicial precedents have been relied upon to support the argument.. A pdf copy of the article is available for download

See Also: Digest of case laws (updated regularly) containing latest judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals


Regards,

 

Editor,

 

itatonline.org

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