Survey

The United States may experience reverse brain drain as thousands of Indian IT professionals contemplate returning to India, according to a survey conducted by Corp-Corp.com , a US-based technology job portal. Full Article

A survey sponsored by the Reserve Bank has revised the country's economic growth projections for the current fiscal to 8.7 per cent, from 8.5 per cent earlier. "Forecasters have revised their real GDP growth rate forecasts upwards to 8.7 per cent in Full Article

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

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

Search and seizure operations by the revenue authorities have forced tax evaders in the national capital to cave in and admit that they owe the government more than Rs 860 crore (Rs 8.6 billion) for the last fiscal. According to an official report of the department, taxmen carried out search, seizure and survey operations in nearly [...] Full Article

Presumption as to books of accounts, other documents, etc. Section 292C of the Income-tax Act provides for a rebuttable presumption with respect to books of account, other documents, money, bullion, jewelry or other valuable article or thing found in the possession or control of any person in the course of a search under section 132. [...] Full Article

Income tax department sleuths detected unaccounted cash worth over Rs 8 crore during the survey carried out on three business establishments in Chandigarh. Survey started on Thursday completed on Friday afternoon. Income tax sleuths carried out the survey in the premises of Compact Disc (CD) India Limited, Manimajra, office of A-I Meters Private Limited, Industrial [...] Full Article

The Income-Tax department is at loggerheads with the income Tax Appellate Tribunal (ITAT), the ultimate fact-finding body on tax disputes, over the latter’s demand for verifying the reasons for conducting a raid on FMCG major Marico Industries. ITAT had directed the department to produce the “satisfaction note”, which is an internal document prepared by income [...] Full Article