income tax search

Decoding Section 153C- Assessment of Income of any other person

Income Tax - Introduction: Prior to the concept of block assessment introduced by Finance Act, 1995, there was no special provision under the Act for making assessment or reassessment of any other person with respect to whom, books of account, documents or assets were found during search of any person. In this scenario, normal provisions of the Act [&...

Read More

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 […]...

Read More

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...

Read More

Issues which may invite TDS surveys & inspections

Income Tax - Checking avoidance of TDS/ TCS liability in respect of the following payment,/ transactions; 1. Payment for purchase of land under sale deed by project implementing authorities towards compulsory land acquisition for SEZs/public utilities implemented under Fast Track procedure where the implementation is not done directly by state govern...

Read More

Search and Seizure & Survey under Income Tax Act 1961

Income Tax - Search, according to normal dictionary meaning, means to look out, to seek or to find something the presence of which is suspected etc. Seize means to take possession of goods, contrary to the wishes of the owner or to take forcible possession. From income tax point of view, in common parlance search is referred to as RAID. However, there...

Read More

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...

Read More

Income Tax Department detects Foreign Assets in recent search

Income Tax - Income Tax Department conducted searches on 23rd July, 2019 in a group covering 13 premises across 3 States (Delhi, Haryana & Himachal Pradesh). The group, controlled by persons who have significant political presence in a neighbouring State for decades and are occupying responsible political positions, has been generating large amoun...

Read More

Income Tax Department continues to strike in J&K Region

Income Tax - During the search, it was detected that the tax evader has been given illegal benefit of Rs 60 crore by J&K Bank. His outstanding loan of Rs 190 crore was settled at Rs 130 crore, although he did not deserve any concessional treatment....

Read More

Income Tax Department continues search action in J&K Region

Income Tax - Income Tax Department conducted search and seizure operations at 5 locations in the Kashmir Valley on 25.04.2019. The searches were carried out against a group which is a monopolistic wholesale distributor of pharmaceuticals in the Kashmir Valley....

Read More

Details of I-T search conducted in NCR on a group in Power sector

Income Tax - The Delhi unit of the Directorate General of Income-tax (Investigation) initiated search and seizure action on a group in NCR, Bhopal, Indore and Goa based upon credible information of large scale collection, possession and movement of unaccounted assets, a few weeks back....

Read More

Penalty only on Income determined by AO in excess of Income in return filed U/s. 158BC

CIT Vs. Shri. C. Najeeb (Kerala High Court) - CIT Vs. Shri. C. Najeeb (Kerala High Court) Only when final determination of income is in excess of that returned by the assessee, under Section 158BC, could there be a levy of penalty under Section 158BFA of the Act. We see from the assessment order that the assessee had filed a return under Sectio...

Read More

Completed Assessment cannot be opened if Incriminating Material not found during search

ACIT Vs Ms. Varun Beverages Ltd. (ITAT Delhi) - Where Any Incriminating Material Was Not Found During The Course Of Search, The Completed Assessments Could Not Be Opened: Varun Beverages Appeal...

Read More

Addition based on mere statement which was retracted later with proper reasons not justified

Pr. CIT-2 Vs. Parshwa Enterprises (Gujarat High Court) - No addition can be made solely on the basis of a retracted statement made during the survey operation, particularly, when proper justification for retraction was also offered....

Read More

Statement U/s. 132(4) Whether binding upon assessee or not

Pr. CIT Vs Manoj Hora (Delhi High Court) - Principal CIT Vs Manoj Hora (Delhi High Court) The text of section 132(4), clarifies that the presumption arises in the case of the searched party. In case the statements by the party whose premises are searched, or to be attributed to a third party – as in the case of the assessee, there has to [...

Read More

CBDT instructions on seizure of jewellery and ornaments are discretionary

Shri Keshav Lila Vs. Assistant Commissioner of Income Tax-1(2) (ITAT Indore) - Shri Keshav Lila Vs. ACIT (ITAT Indore) CBDT instructions which in our view provides a guideline to the search conducting team that no seizure should be made of the jewellery and ornaments found during the course of search proceedings u/s 132 of the Act, if the same have been duly declared in the we...

Read More

Income Tax Searches in Tamil Nadu net more than Rs 700 crore

NA - (10/08/2019) - The Income Tax Department conducted a search and seizure operation on 06.08.2019 in the case of one of the major producers of beer and IMFL in Tamil Nadu. The search action was launched in the early hours of Tuesday at 55 premises in various places in Tamil Nadu including Chennai, Coimbatore, Thanja...

Read More

I-T Dept detects Benami business of running of petrol outlets in Meghalaya

NA - (10/08/2019) - In a swift and coordinated action on Friday, 2nd August 2019, the Investigation Wing of Income Tax Department. NER carried out searches on certain businessmen in Meghalaya, found to be involved in running a web of petrol pumps managed and controlled as benami properties....

Read More

Income Tax searches on a business group dealing in lotteries

NA - (04/05/2019) - Income Tax Investigation Directorate, Chennai conducted searches on a Coimbatore based business group handling the lotteries run by certain State Governments under agreements with them to function as a Marketing Agent. ...

Read More

Adjustment of Seized cash against advance tax- Explanation 2 to Section 132B is prospective in nature: CBDT

Circular No. 20/2017-Income Tax - (12/06/2017) - Dispute arose between the Department and the assessees with regard to adjustment of such seized/requisitioned cash against advance tax liability etc. Several Courts held that on an application made by the assessee, the seized money is to be adjusted against the advance tax liability of the assessee....

Read More

SC ask details of cases where validity of search & seizure questioned

F.No. ADG-II/ Supreme Court Cell/ 1711/2011/ - (05/01/2017) - SC has desired that it be informed regarding number & details of such cases pending before High Courts and Tribunals wherein the Courts/Tribunals have questioned validity of search and seizure operations...

Read More

Recent Posts in "income tax search"

Decoding Section 153C- Assessment of Income of any other person

Introduction: Prior to the concept of block assessment introduced by Finance Act, 1995, there was no special provision under the Act for making assessment or reassessment of any other person with respect to whom, books of account, documents or assets were found during search of any person. In this scenario, normal provisions of the Act [&...

Read More
Posted Under: Income Tax |

Income Tax Searches in Tamil Nadu net more than Rs 700 crore

NA (10/08/2019)

The Income Tax Department conducted a search and seizure operation on 06.08.2019 in the case of one of the major producers of beer and IMFL in Tamil Nadu. The search action was launched in the early hours of Tuesday at 55 premises in various places in Tamil Nadu including Chennai, Coimbatore, Thanjavur, etc and also in Kerala, Andhra Prad...

Read More

I-T Dept detects Benami business of running of petrol outlets in Meghalaya

NA (10/08/2019)

In a swift and coordinated action on Friday, 2nd August 2019, the Investigation Wing of Income Tax Department. NER carried out searches on certain businessmen in Meghalaya, found to be involved in running a web of petrol pumps managed and controlled as benami properties....

Read More

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 detects Foreign Assets in recent search

Income Tax Department conducted searches on 23rd July, 2019 in a group covering 13 premises across 3 States (Delhi, Haryana & Himachal Pradesh). The group, controlled by persons who have significant political presence in a neighbouring State for decades and are occupying responsible political positions, has been generating large amoun...

Read More
Posted Under: Income Tax |

Income Tax Department continues to strike in J&K Region

During the search, it was detected that the tax evader has been given illegal benefit of Rs 60 crore by J&K Bank. His outstanding loan of Rs 190 crore was settled at Rs 130 crore, although he did not deserve any concessional treatment....

Read More
Posted Under: Income Tax |

Penalty only on Income determined by AO in excess of Income in return filed U/s. 158BC

CIT Vs. Shri. C. Najeeb (Kerala High Court)

CIT Vs. Shri. C. Najeeb (Kerala High Court) Only when final determination of income is in excess of that returned by the assessee, under Section 158BC, could there be a levy of penalty under Section 158BFA of the Act. We see from the assessment order that the assessee had filed a return under Section 158BC […]...

Read More

Income Tax searches on a business group dealing in lotteries

NA (04/05/2019)

Income Tax Investigation Directorate, Chennai conducted searches on a Coimbatore based business group handling the lotteries run by certain State Governments under agreements with them to function as a Marketing Agent. ...

Read More

Income Tax Department continues search action in J&K Region

Income Tax Department conducted search and seizure operations at 5 locations in the Kashmir Valley on 25.04.2019. The searches were carried out against a group which is a monopolistic wholesale distributor of pharmaceuticals in the Kashmir Valley....

Read More
Posted Under: Income Tax |

Details of I-T search conducted in NCR on a group in Power sector

The Delhi unit of the Directorate General of Income-tax (Investigation) initiated search and seizure action on a group in NCR, Bhopal, Indore and Goa based upon credible information of large scale collection, possession and movement of unaccounted assets, a few weeks back....

Read More
Posted Under: Income Tax |

Browse All Categories

CA, CS, CMA (4,223)
Company Law (4,938)
Custom Duty (7,351)
DGFT (3,973)
Excise Duty (4,229)
Fema / RBI (3,811)
Finance (3,985)
Income Tax (30,523)
SEBI (3,178)
Service Tax (3,468)