Enhanced rate of tax @60% u/s 158BBE on Unexplained / Undisclosed income - prospective or retrospective...

Enhanced rate of tax @60% u/s 158BBE on Unexplained / Undisclosed income - prospective or retrospective - Section 115 BBE was inserted by Finance Act 2012 w.e.f 01.04.2013. As on 01.04.2016 the financial year in which the subject seizures occurred Section 155BBE provided for 30% tax on income refereed to in Sections 68, 69, 69A, 69B, 69C and 69D. The same was amended by the 2nd Amendment Act; w.e.f. 01.04.2017, enhancing the rate to 60%. Hence there was no new liability created and the rate of t..... .....

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