NARESH MADHWANI,JABALPUR vs. ACIT CIRCLE 2(1), JABALPUR

ITA 59/JAB/2024Status: DisposedITAT Jabalpur14 May 2026AY 2017-1814 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the higher rate of tax under the amended Section 115BBE is not applicable to the assessment year under consideration. It followed decisions that favored the assessee in cases of ambiguity in fiscal law.

What were the facts?

The assessee surrendered an amount of Rs. 60,00,000 as additional income from business operations during a survey. This amount was paid in cash as advance for share transfer. The Assessing Officer treated this as undisclosed income under Section 69B and taxed it under Section 115BBE at an accelerated rate.

What were the issues?

Whether the enhanced tax rate under Section 115BBE, as amended, applies to the assessment year 2017-18, particularly when the transaction occurred prior to the amendment's effective date.

Which sections of the Income-tax Act were involved?

Section 69B,Section 115BBE,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, JABALPUR BENCH, MP

Before: HON’BLE SHRI KUL BHARAT & SHRI G.D. PADMAHSHALI

For Appellant: Mr Rahul Bardia [‘Ld. AR’]
For Respondent: Mr Rahul Padha [‘Ld. DR’]
Pronounced: 14/05/2026

PER G. D. PADMAHSHALI; The present appeal is filed by the assessee u/s 250 of the Income Tax Act, 1961 [‘the Act’ hereinafter] challenging the DIN & Order No. ITBA/NFAC/S/250/2023-24/1063400718(1) dt. 26/03/2024 passed by the National Faceless Appeal Centre, Delhi [‘Ld. NFAC’ hereinafter] for assessment year 2017-18 [‘AY’ hereinafter] on the following grounds;

ITAT-Jabalpur Naresh Madhwani Vs ACIT ITA No. 059/JAB/2024 AY: 2017-18

1.

That the order passed by the Ld. CIT Appeals is bad in law and facts of the case, void ab-initio and without juri iction.

2.

That the Ld. CIT Appeals CIT erred in law

The order continues below.

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