Case Law Analysis
|Income Tax Appellate Tribunal
Section 115BBE | 60% Tax Rate on Unexplained Cash Deposits Applies Only from AY 2018-19: ITAT Agra
The ITAT Agra ruled that cash deposits made during demonetization in AY 2017-18 cannot be taxed at the 60% enhanced rate under Section 115BBE, as the provision came into force only from AY 2018-19. This protects taxpayers with unexplained cash from retrospective application of punitive rates, clarifying the temporal scope of the law for millions affected by demonetization.