search cases

Searches conducted by the Income Department are important means for unearthing black money. However, under the scheme before insertion of special procedure for assessment of search cases, valuable time is lost in trying to relate the undisclosed incomes to the different years. Tax evaders generally manage to divert the focus to procedural and legal issues and often invent new evidence to explain undisclosed income. By the time search r Full Article

CASE LAW DETAILS Decided by: INCOME TAX SETTLEMENT COMMISSION ADDITIONAL BENCH, MUMBAI, In The case of: Varinder K. Arora, In re, Appeal No.: Settlement Application No. MH/MUC-22/008/ 2008-09/IT ,Decided on: May 27, 2009 RELEVENT PARAGRAPH 19. The first fundamental issue is whether the Commission has at all jurisdiction to deal with this case which involves search assessments [...] Full Article

THE facts of the case are on a Search & seizure operations carried out at the business premises of the assessee company on 18-3-02 notice u/s 158BC of the I.T. Act, 1961, served on the assessee it was alleged that the assessee that a sum of Rs.54,45,000/ - which was received by the assessee from its sister concern M/s PMC Entertainment Pvt. Ltd, as application money was nothing but the assessee company's own money which was brought into the books in the garb of applicat.. Full Article