Understanding the limitations of authorizing an Income Tax Search based on received documents post search, a comprehensive study.
Introduction: Section 132 of the Income Tax Act’ 1961 prescribes that the competent authorities are empowered to permit the authorized officers to enter, search, break open, seize, place marks of identification and take other steps as contemplated under sub-clauses (i) to (v). However, such powers can be exercised against a person upon fulfilment of certain […]
In this article, the author has attempted to highlight the significant changes brought in by the virtue of the Finance Act’2021 in context to the Income Tax assessments to be made in pursuance to an Income Tax Search and Seizure Action conducted u/s 132 of the income tax Act’1961 and its implications thereupon.
Authority and power to conduct search and seizure operations is strident and caustic power authorized by law to be taken recourse to when the conditions mentioned under different clauses of Section 132(1) of the Act are satisfied.
Uncover the mystery of dumb documents in Income Tax Search and Seizure actions. Learn about their significance and tax implications.
Finance Bill 2021- Paradigm Shift In The Provisions Relating To Income Tax Search And Seizure Assessments And Income Tax Settlement Commission Introduction:- The Hon’ble Union Finance Minister Nirmala Sitharaman has presented the Union Budget 2021 of India on the 1st of February, 2021. Budget 2021 is aimed at reviving an economy that plunged into deepest […]
Income Tax Search and Seizure & Income Tax Settlement Commission (ITSC)- Detection of any undisclosed income subsequent to the final order of ITSC Introduction:- Chapter XIX – A of Income Tax Act, 1961 provides for settlement of cases. Income Tax Settlement Commission was set up in the year 1976 on the recommendation of Direct Tax […]
Understand the legal aspects of seizure and assessment of undisclosed jewellery in income tax search cases.
Chapter XIX-A of the Act pertains to settlement of cases. Under sub-section (1) of section 245C of the Act, an assessee at any stage of a case relating to him can make an application for settlement in the prescribed manner.
Explore the permissibility of applying assets seized during Income Tax searches against self-assessment tax liabilities. Uncover insights from Section 132B of the Income Tax Act’1961, amendments, judicial precedents, and the fine line between advance tax and self-assessment tax. Gain clarity on adjusting seized assets for a fair tax settlement. Insights by CA Mohit Gupta, a seasoned expert in Income Tax Search and Seizure matters.
