seizure

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

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

Attention is invited to Board's Circular No. 824 /1 /2006-CX dated 16 th January, 2006 on the aforesaid subject. It has been reported that some of the Commissionerates have taken a view that once an order has been passed on issues like classification/valuation etc., in that case, all subsequent removals must follow the said order even though appeal of the assessee against the said order is pending. It has further been reported that in case of removal without conforming t.. Full Article

The Income Tax department in Gujarat executed 422 warrants in 2008-09 compared to 158 in the previous year and has managed to seize assets worth Rs 45.45 crore, which is up significantly from last fiscal's Rs 10.89 crore. The figures were given out by the Union minister of state for finance S S Palanimanickam in reply to the questions raised by Parimal Nathwani, MP from Jharkhand and Group President of Reliance . Full Article

An Information Technology (IT) Education and Multilevel Marketing group has surrendered undisclosed income of more than Rs 35 crore, before the Income Tax Department for taxation. The disclosure, biggest ever in Rajasthan, was made during the course of raids and survey conducted by the departmental sleuths at the group premises here and in Jhunjhunu town. Full Article

In exercise of the powers conferred by the fourth proviso to sub-section (1) of section 132 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby empowers all the Additional Directors of Income-tax and Joint Directors of Income-tax working under the Director General of Income-tax (Investigation) 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

The tax authorities have been rapped by the Delhi high court for attempting to snoop on some companies, including Maytas, although they were not the suspected evaders. Terming a search and seizure operation conducted by the Income Tax department as a ‘serious invasion of the privacy and freedom of the citizen,’ the Delhi high court [...] Full Article