ITAT says Section 115BBE cannot be applied in AY 2017-18
In short
An ITAT ruling said Section 115BBE of the Income Tax Act cannot be used for AY 2017-18. The tribunal asked the assessing officer to work out tax under the correct provisions and relied on the High Court ruling in Deepak Maratha v. UOI.
This matters because it can change the tax amount in that case. The report does not name the taxpayer or say how much tax is involved.
What the reporting says
An ITAT ruling says Section 115BBE of the Income Tax Act, 1961 cannot be invoked for assessment year 2017-18. The tribunal directed the assessing officer to compute taxes under the applicable provisions, drawing support from the jurisdictional High Court ruling in Deepak Maratha v. UOI. The source does not state the taxpayer name or the disputed income amount. The immediate effect is a tax computation change in that case.
Why it matters
The ITAT has held that Section 115BBE of the Income Tax Act, 1961 cannot be invoked for assessment year 2017-18 and directed the assessing officer to compute tax under the applicable provisions. The ruling drew support from the jurisdictional High Court decision in Deepak Maratha v. UOI. The reporting does not identify the taxpayer or quantify the disputed amount, so the financial impact is limited to the case described.