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
income
from other sources and subjected the same to tax under
Section 115BBE of the I.T. Act. The assessment was completed
by order dated ... correctness of invoking the provisions
of Section 115BBE of the I.T. Act in respect of the additional
income
income under Section 69B , then Section 115BBE would come into
picture, in which case, the petitioner is liable ... whereas the respondent has taken the
stand that the provisions of Section 115BBE would
apply, as a result that the rate of tax would
intend to treat it as
income under Section 69B , then Section 115BBE would come into
picture, in which case, the petitioner is liable ... whereas the respondent has taken the
stand that the provisions of Section 115BBE would apply,
as a result that the rate of tax would
Thereby the respondent charged a rate of 60% as per Section 115BBE of the
Act on the addition of Rs.99,50,749/- and raised ... addition was made u/S.68 and
hence a provision of section 115BBE was applied in this case.
12. Further the plea of the petitioner
petitioner further challenges the constitutional validity
of Section 115BBE of the Act.
2. Learned counsel for the Petitioner states that the notices issued under
Section ... petitioner states that the issue of
constitutional validity of Section 115BBE of the Act cannot be adjudicated
upon by the Appellate Authority. In support
petitioner further challenges the constitutional validity
of Section 115BBE of the Act.
2. Learned counsel for the Petitioner states that the notices issued under
Section ... petitioner states that the issue of
constitutional validity of Section 115BBE of the Act cannot be adjudicated
upon by the Appellate Authority. In support
petitioner further challenges the constitutional validity
of Section 115BBE of the Act.
2. Learned counsel for the Petitioner states that the notices issued under
Section ... petitioner states that the issue of
constitutional validity of Section 115BBE of the Act cannot be adjudicated
upon by the Appellate Authority. In support
PCIT noted that the disclosed amount must be
taxed under Section 115BBE of the Act rather than
being shown as business income. In verification ... partners which are not
permissible deductions as per the provisions of
Section 115BBE of the Act. Therefore, the
assessment order being erroneous and prejudicial
Page
Explanation 1 will have a bearing
in the present case.
Section 115BBE
“ Section 115BBE .- “Tax on income
referred to in section 68 or section ... clause (a) and clause (b) of
sub-section (1).”
14. Section 115BBE of the Act deals with levy of
tax on income as mentioned
