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2023 (5) TMI 1279 - AT - Income TaxUnexplained money being undisclosed gold, Jewellery found during the course of search - Applicability of section 115BBE when the date of search is 16.08.2016 - As argued on the date of search i.e. 16.08.2016, the amendment to section 115BBE of the Act which is applied by the assessing officer was yet to come into the statute as the said amendment came into effect after demonetization by Taxation Laws (Second Amendment) Bill 2016 which is effective from 01.04.2017,hence provision of section 115BBE of the Act has been applied retrospectively - HELD THAT:- We note that case of the assessee, under consideration is that the amendment in section 115BBE came into force only on 15.12.2016 whereas the search was conducted on 16.08.2016 and the assessee has paid tax @ 30%. Since the search in the case of the assessee was carried out before the amendment the addition ought to have been made in terms of the prevailing provision and therefore, the addition made by the assessing officer invoking section 115BBE, provision of which came into force only on 01.04.2017, is not sustainable. Therefore, we allow the appeal of the assessee.
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