chargeable to tax under clause (i) of sub-section (1) of section 115BBE of the Income-tax Act, the amount of income-tax computed under ... chargeable to tax under clause (i) of sub-section (1) of section 115BBE of the Income-tax Act, the "advance tax" computed under the first
Section 36 in The Finance Act, 2018
36. Amendment of section 115BBE.
- In section 115BBE of the Income-tax Act, in sub-section (2), after
while calculating the tax
rate as per provisions of Section 115BBE of the Act.
4. At the outset, the ld AR of the assessee ... normal rate instead of 30% as per the provisions of sec. 115BBE of the Act.
Accordingly, the AO issued a show-cause notice
Deputy Commissioner Of Income Tax, ... vs Swastik Spaces Limited, Mumbai on 28 November, 2018
आयकर
applying the newly amended section
115BBE of the I.T Act.
3. On the f acts and circumstances of the case ... Further, it was
observed by the CIT(A) that as per Sec. 115BBE that was brought on
the statute by the Finance Act, 2012 with
That the Ld. CIT has erred in invoking provisions of section
115BBE on the additional income offered amounting to
Rs.1,80,00,000/- without ... allow set off of loss by relying provisions of section 115BBE of the
Act.
3. Aggrieved by this the assessee preferred an appeal before
assessing above said income of
Rs.78,71,000/- u/s 115BBE of the I.T. Act, 1961 and in further
upholding finding recorded ... year loss will not be set off against income assessed u/s 115BBE
even though relevant provisions disallowing set off has come into
force
Financial Year 2016-17, at the
rate mentioned in Section 115BBE of 30% plus the applicable surcharge and
cess. The expectation was that they would ... existing provisions by suitable substitutions and insertions of Sections
115BBE, 271AAB and 271AAC to the Income Tax Act, 1961 (Act, for
short) prescribing higher rate
assessee u/s 69, liable to be taked u/s
115BBE of the Act.
3. Whether on the facts and in the circumstances ... cash, unrecorded purchases/sales
2. Addition u/s 69 r.w.s. 115BBE on account of 57,90,076.00
excess stock found
3. Trading addition
recorded business transaction. The AO further referred to the
provisions of Section 115BBE(1)(a) of the Act and held that the undisclosed
income ... that income is to be
taxed in accordance with Section 115BBE of IT Act, 1961 introduced by
Finance
