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Income Tax & Direct Taxes - Income Tax Act, 1961, ss. 132(4) and 133A - During the course of survey in assessee's premises, the tax officials noticed some discrepancies in stock and cash in hand - Assessee surrendered an amount of Rs. 99,50,000/- and offered the same for the purposes of taxation - However, subsequently, the assessee contended that the statement about stock was incorrect and that the impugned discrepancy had been reconciled as it was only a mistake a.. Full Article

Search and Seizure are the burning topics in current Tax scenario. It seems that North Block is completing its direct as well as indirect tax targets through this amour of ‘SEARCH & SEIZURE’. As the corporate’s as well as practitioners need to be ver Full Article

The new Citizens' Charter will be a guiding rule book for the I-T department and its officials.Taxpayers whose premises have been searched or raided by the Income Tax (I-T) department can now expect to get possession of their sealed properties and assets in two months as compared to the usual duration of over a year. Full Article

The effect of the Notification is that the officers at the level of Superintendents and above of the Customs & Central Excise department are empowered for entry, search and seizure only at the premises registered under the Central Excise & Customs. Therefore, officers are not empowered to enter, search etc. for premises which are not registered with the department for carrying out any act under the COTP Act, 2003. Full Article

Search means not looking for something which is produced or Open but which is hidden, concealed or not obvious. The word has varied meanings and it should be given the general meanings ‘to look for’ or 'to seek’ which are well known meaning attributable to the word in the context of section 132 as has judicially been held in Assainar Vs ITO reported in 101 ITR 854. Full Article

In order to make an addition on the basis of surrender during search or survey, it is sine qua non that there should be some other material to co-relate the undisclosed income with such statement. Full Article

SUMMARY OF CASE LAW It is not the mandate of section 132 or any other provision in the Act that the reasonable belief recorded by the Designated Authority before issuing the warrant of authorization must be disclosed to the assessee; where the information is that the tax due to the revenue has been evaded by [...] Full Article

Department cannot force auditors to part with information of clients not related to search, found in their laptops seized during search While conducting an audit of EMAAR on 11.9.2007, the laptops of two employees of the Petitioner were seized by the Deputy Director, Income Tax (DDIT) in the course of conducting a Search and Seizure [...] Full Article