Income Tax Raid

Raid Under Income Tax Act, 1961

Income Tax - In this article, you will get insights on Raids conducted by Income Tax Department. In India, Raid is a deadly situation for any assessee/person as it leads to lawful possession of all his assets, property, money etc. by Income Tax Authorities when he fails to produce the sufficient reason for owning the same. Provisions Governing [&helli...

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Harmonizing the Interests of Individuals & Tax Officials by Circumscribing the Use of the Power of Search & Seizure

Income Tax - In common parlance, the term search means the act of seeking or looking out for something. While the term seizure means taking away the possession of some goods. The term raid is usually used for denoting the act of searching under the income tax view-point....

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Understanding Dumb documents found in Income Tax Search

Income Tax - Income Tax Search and Seizure: Understanding the gamut of Dumb Documents unearthed in an Income Tax Search and Seizure action Introduction:- It is seen in the course of practice on the subject that during the course of Search and Seizure actions, voluminous documents are seized which may also include numerous loose papers, diaries, note p...

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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...

Read More

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 ...

Read More

Income Tax Department conducts searches in Uttar Pradesh

Income Tax - Ministry of Finance Income Tax Department conducts searches in Uttar Pradesh Posted On: 29 OCT 2020 A search action was started by the Income Tax Department on 28.10.2020 in the case of a Bijnor based group engaged in real estate business and it’s associates. There were allegations that the group companies were having huge security pre...

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Income Tax Department conducts searches in Tamil Nadu

Income Tax - The Income Tax Department has carried out searches on 28.10.2020 at 22 premises in Coimbatore, Erode, Chennai and Namakkal on a group engaged in the running of Educational Institutions and their associates, including a civil contractor. The search was carried out on the basis of information that fees collected from students were not fully...

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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 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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Income Tax Department searches at Chennai based IT Infra group

Release ID: 1670941 - (07/11/2020) - The Income Tax Department has carried out searches at 5 locations in Chennai and Madurai on 4.11.2020 in the case of a Chennai based group operating in IT Infra sector....

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Income Tax Department conducts searches in Kerala

Release ID: 1670628 - (06/11/2020) - The Income Tax Department has carried out search and seizure operations on 05.11.2020 in the case of a well-known self-styled evangelist of Thiruvalla in Kerala and his group of various trusts that enjoy exemption under the Income-tax Act, 1961 as charitable/religious trusts....

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Income Tax Department conducts searches in West Bengal

Release ID: 1670627 - (06/11/2020) - The Income Tax Department has carried out searches on 05/11/2020 in the case of one prominent coal trader of West Bengal having premises in Raniganj, Asansol, Purulia and Kolkata. The searches were based on intelligence gathered, which indicated that large scale unaccounted cash was being generate...

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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"

Raid Under Income Tax Act, 1961

In this article, you will get insights on Raids conducted by Income Tax Department. In India, Raid is a deadly situation for any assessee/person as it leads to lawful possession of all his assets, property, money etc. by Income Tax Authorities when he fails to produce the sufficient reason for owning the same. Provisions Governing [&helli...

Read More
Posted Under: Income Tax |

Harmonizing the Interests of Individuals & Tax Officials by Circumscribing the Use of the Power of Search & Seizure

In common parlance, the term search means the act of seeking or looking out for something. While the term seizure means taking away the possession of some goods. The term raid is usually used for denoting the act of searching under the income tax view-point....

Read More
Posted Under: Income Tax |

Understanding Dumb documents found in Income Tax Search

Income Tax Search and Seizure: Understanding the gamut of Dumb Documents unearthed in an Income Tax Search and Seizure action Introduction:- It is seen in the course of practice on the subject that during the course of Search and Seizure actions, voluminous documents are seized which may also include numerous loose papers, diaries, note p...

Read More
Posted Under: Income Tax |

Income Tax Department searches at Chennai based IT Infra group

Release ID: 1670941 07/11/2020

The Income Tax Department has carried out searches at 5 locations in Chennai and Madurai on 4.11.2020 in the case of a Chennai based group operating in IT Infra sector....

Read More

Income Tax Department conducts searches in Kerala

Release ID: 1670628 06/11/2020

The Income Tax Department has carried out search and seizure operations on 05.11.2020 in the case of a well-known self-styled evangelist of Thiruvalla in Kerala and his group of various trusts that enjoy exemption under the Income-tax Act, 1961 as charitable/religious trusts....

Read More

Income Tax Department conducts searches in West Bengal

Release ID: 1670627 06/11/2020

The Income Tax Department has carried out searches on 05/11/2020 in the case of one prominent coal trader of West Bengal having premises in Raniganj, Asansol, Purulia and Kolkata. The searches were based on intelligence gathered, which indicated that large scale unaccounted cash was being generated and used for various purposes....

Read More

Income Tax Department conducts searches in Uttar Pradesh

Ministry of Finance Income Tax Department conducts searches in Uttar Pradesh Posted On: 29 OCT 2020 A search action was started by the Income Tax Department on 28.10.2020 in the case of a Bijnor based group engaged in real estate business and it’s associates. There were allegations that the group companies were having huge security pre...

Read More
Posted Under: Income Tax |

Income Tax Department conducts searches in Tamil Nadu

The Income Tax Department has carried out searches on 28.10.2020 at 22 premises in Coimbatore, Erode, Chennai and Namakkal on a group engaged in the running of Educational Institutions and their associates, including a civil contractor. The search was carried out on the basis of information that fees collected from students were not fully...

Read More
Posted Under: Income Tax |

Income Tax raid- What to do?

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...

Read More
Posted Under: Income Tax | ,

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 |

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