Income Tax Raid

Income Tax RAID – understanding Survey Vs. Search

Income Tax - Often termed as Raid by laymen, income tax survey and search are becoming increasingly common as businesses continue to grow. Apparently, there is no word called raid in the Income Tax Act. The two important tools which the department uses are survey and search and when one or both of these two operations get initiated, people term it as ...

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Search and Seizure (Raid) by Income Tax Department Part II- After raid

Income Tax - Following Steps will ease to handle raid : 1. PAN can be migrated to Central Circle thus making common place for all files at same common place where assessment under raid can be done. Order U/S 127 of IT Act is passed by CIT for PAN migration. Assessee are intimated by mail. 2. Assessment under […]...

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Search & Seizure (Raid) by Income Tax Department Part I- During raid

Income Tax - Search and Seizure  (raid)  by Income Tax Department Part I – During raid  People are afraid of ‘Income Tax Search and Seizure’ due to lack of proper knowledge and complicated law. Knowing the following will ease them. One should not worry if they are genuine. What is ‘Income Tax Raid’ ?  It  means a search [&he...

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Happy Diwali with crackers of Income Tax

Income Tax - Arjuna: Krishna, Which may be biggest cracker if we correlated with the Income Tax Provision? Krishna: Arjuna, listen gladly, the salesmen in the market sells different types of crackers likewise there are various provisions in various laws. Accordingly in Income tax the biggest cracker is the cracker that explodes in 6 different ways, w...

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Income Tax raid- What to do?

Income Tax - Our Income Tax law allows all persons to self-assess their income and pay taxes. However, to protect the revenue base, unearth concealed income and to act as a deterrent, tax authorities have been vested with powers to conduct surveys and searches (commonly referred to as ‘raids’). These raids are made the basis of information availab...

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Income Tax search on Share Brokers unearths Illegal Gain of Rs. 5500 Crore

Income Tax - The search/survey action has unravelled the entire modus-operandi which has been adopted by the share-brokers/traders to trade into the illiquid stock options in Equity Derivative Segment and thereby generate artificial losses/profit by executing reversal trades in a very short span of time. By this contrived methodology, the unscrupulous...

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Income Tax Department conducts search on a prominent business group in Pune

Income Tax - Income Tax Department conducted searches on a prominent business group in Pune on 06/11/2019 under the Income Tax Act, 1961. The searches were conducted at various places covering the cities of Pune, Mumbai, Nagpur, Delhi, Bengaluru and Noida....

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Income Tax Department makes high cash seizure in Pune

Income Tax - Income Tax Department conducted a search in the case of a businessman in Pune on 04/11/2019 and made a high cash seizure. The search was conducted at the residence of the businessman....

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Income Tax Search on a prominent Real Estate Group in Mumbai

Income Tax - The Income Tax Department conducted Search and Seizure operation on 29.07.2019 on a prominent group involved in Real Estate Development, covering more than 40 premises across Mumbai and Pune.  During the course of search operations, the Department unearthed evidences related to receipt of ‘On Money’ on sale of commercial and resident...

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Income Tax Department strikes again in J&K Region

Income Tax - The Income Tax Department conducted search and seizure operations today on a prominent business group based in Srinagar, covering 8 premises in Srinagar and 1 each at Bangalore and Delhi. The assessee group is engaged in the business of transportation, manufacturing of silk yarn, hospitality, retail trading of Kashmir Arts & Crafts etc....

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Income tax raid on IAS officer for non allotment of House to DIT (I) is invalid

Rajesh Rajora Vs Union of India (Madhya Pradesh High Court) - In the present case, in September 2007 the search was carried out in the premises of Dr. Yogi Raj Sharma. The document Annexure RJ-1 was seized by the respondents. At the relevant time petitioner no. 1 was the Chief Health Secretary and this fact was within the knowledge...

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No increase in Income Tax raid and survey in current Financial Year – Govt

PRESS NOTE 402/92/2006-MC (32 OF 2011) - (22/12/2011) - It is informed that under the Income Tax Act, search and seizure is conducted on the basis of specific and credible information regarding tax evasion, and after conducting necessary verification. Information technology tools, such as CASS and ITDMS, have been developed and are being extensively util...

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Recent Posts in "Income Tax Raid"

Income Tax RAID – understanding Survey Vs. Search

Often termed as Raid by laymen, income tax survey and search are becoming increasingly common as businesses continue to grow. Apparently, there is no word called raid in the Income Tax Act. The two important tools which the department uses are survey and search and when one or both of these two operations get initiated, people term it as ...

Read More
Posted Under: Income Tax |

Income Tax search on Share Brokers unearths Illegal Gain of Rs. 5500 Crore

The search/survey action has unravelled the entire modus-operandi which has been adopted by the share-brokers/traders to trade into the illiquid stock options in Equity Derivative Segment and thereby generate artificial losses/profit by executing reversal trades in a very short span of time. By this contrived methodology, the unscrupulous...

Read More
Posted Under: Income Tax |

Income Tax Department conducts search on a prominent business group in Pune

Income Tax Department conducted searches on a prominent business group in Pune on 06/11/2019 under the Income Tax Act, 1961. The searches were conducted at various places covering the cities of Pune, Mumbai, Nagpur, Delhi, Bengaluru and Noida....

Read More
Posted Under: Income Tax |

Income Tax Department makes high cash seizure in Pune

Income Tax Department conducted a search in the case of a businessman in Pune on 04/11/2019 and made a high cash seizure. The search was conducted at the residence of the businessman....

Read More
Posted Under: Income Tax |

Income Tax Search on a prominent Real Estate Group in Mumbai

The Income Tax Department conducted Search and Seizure operation on 29.07.2019 on a prominent group involved in Real Estate Development, covering more than 40 premises across Mumbai and Pune.  During the course of search operations, the Department unearthed evidences related to receipt of ‘On Money’ on sale of commercial and resident...

Read More
Posted Under: Income Tax |

Income Tax Department strikes again in J&K Region

The Income Tax Department conducted search and seizure operations today on a prominent business group based in Srinagar, covering 8 premises in Srinagar and 1 each at Bangalore and Delhi. The assessee group is engaged in the business of transportation, manufacturing of silk yarn, hospitality, retail trading of Kashmir Arts & Crafts etc....

Read More
Posted Under: Income Tax |

Search and Seizure (Raid) by Income Tax Department Part II- After raid

Following Steps will ease to handle raid : 1. PAN can be migrated to Central Circle thus making common place for all files at same common place where assessment under raid can be done. Order U/S 127 of IT Act is passed by CIT for PAN migration. Assessee are intimated by mail. 2. Assessment under […]...

Read More
Posted Under: Income Tax |

Search & Seizure (Raid) by Income Tax Department Part I- During raid

Search and Seizure  (raid)  by Income Tax Department Part I – During raid  People are afraid of ‘Income Tax Search and Seizure’ due to lack of proper knowledge and complicated law. Knowing the following will ease them. One should not worry if they are genuine. What is ‘Income Tax Raid’ ?  It  means a search [&he...

Read More
Posted Under: Income Tax |

IT Raid & Survey detects undisclosed income of Rs.58568 Crore

IT Dept searches 1242 groups of assessees, seizing undisclosed assets worth Rs.2,029 Crore. Such assessees admitted undisclosed income of Rs.28,567 Crore. ...

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Posted Under: Income Tax |

Karti Chidambaram raid: No collateral purpose in I-T searches, CBDT says

Based upon credible information of tax evasion and large scale financial irregularities committed by a group based at Chennai and Tiruchirappalli, the Investigation Wing of the Income Tax Department at Chennai has been conducting investigation. As part of such investigation, searches under section 132 and surveys under section 133A of the...

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Posted Under: Income Tax |

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