income tax search

Search and Survey operations

Income Tax - Search and survey operations are conducted by the Income Tax Department defined as raid, where the department suspects an individual or business for hoarding illegal money. Powers to carry out search under section 132 and survey under section 133A are important tools in the armory of the Income Tax Department for detecting and preventing ...

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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 [&...

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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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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...

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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 searches in NCR

Income Tax - The Income Tax Department conducted a search and survey action on a group having interest in infrastructure, mining and real estate. More than 25 premises were covered in NCR....

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Income Tax Dept seizes substantial amount of cash in Tamil Nadu

Income Tax - On 15.11.2019, the Income Tax Department commenced a search action under section 132 in the case of a company in a tier 3 city in Tamil Nadu. The company is in the business of manufacturing certain specialized materials which are supplied to the health sector in India and abroad....

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Income Tax searches on prominent business groups in Mumbai

Income Tax - The Income Tax Department conducted search action in Mumbai and Surat on 06.11.2019 on entry providers and beneficiaries who have been engaged in execution of civil contracts mainly in Brihanmumbai Municipal Corporation (BMC). A total of 37 premises were covered under search action and 7 premises were covered under survey....

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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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Addition cannot be made merely based on statement recorded U/s. 132(4)

B.R. Associates Pvt. Ltd. Vs ACIT (ITAT Delhi) - B.R. Associates Pvt. Ltd. Vs ACIT (ITAT Delhi) In absence of adverse material found during search, no addition could be made merely on the basis of statement recorded under section 132(4) of Income Tax Act, 1961 which did not constitute conclusive evidence and having been given under pressure was im...

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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...

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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...

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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....

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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 [...

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I-T Dept conducts search on an Educational Group in Chennai

NA - (11/11/2019) - On 07.11.2019, the Income Tax Department conducted search action under the Income-tax Act, 1961 in the case of a group of trusts that are running educational institutions in and around Chennai for the past thirty years. The institutes run by the group include a number of engineering colleges, polyte...

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Income Tax Department conducts searches in Karnataka

NA - (11/10/2019) - The Income Tax Department conducted search on 9th October 2019 on a prominent business group in Karnataka which runs multiple educational institutions. During the course of the search, the modus operandi of conversion of seats which were originally to be allotted by merit through counselling by MCC ...

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Selection of Case of Search Years in ITBA Assessment module

TBA - Assessment Instruction No. 12 - (12/09/2019) - Availability of Miscellaneous Functionalities related to ‘Selection of Case of Search Year’ and ‘Relevant Search Years’ in Assessment module of Income Tax Business Application (ITBA)- reg. ITBA – Assessment Instruction No. 12 DIRECTORATE OF INCOME TAX (SYSTEM) ARA Cente...

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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....

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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...

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Recent Posts in "income tax search"

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 searches in NCR

The Income Tax Department conducted a search and survey action on a group having interest in infrastructure, mining and real estate. More than 25 premises were covered in NCR....

Read More
Posted Under: Income Tax |

Income Tax Dept seizes substantial amount of cash in Tamil Nadu

On 15.11.2019, the Income Tax Department commenced a search action under section 132 in the case of a company in a tier 3 city in Tamil Nadu. The company is in the business of manufacturing certain specialized materials which are supplied to the health sector in India and abroad....

Read More
Posted Under: Income Tax |

Income Tax searches on prominent business groups in Mumbai

The Income Tax Department conducted search action in Mumbai and Surat on 06.11.2019 on entry providers and beneficiaries who have been engaged in execution of civil contracts mainly in Brihanmumbai Municipal Corporation (BMC). A total of 37 premises were covered under search action and 7 premises were covered under survey....

Read More
Posted Under: Income Tax |

I-T Dept conducts search on an Educational Group in Chennai

NA (11/11/2019)

On 07.11.2019, the Income Tax Department conducted search action under the Income-tax Act, 1961 in the case of a group of trusts that are running educational institutions in and around Chennai for the past thirty years. The institutes run by the group include a number of engineering colleges, polytechnic institutes, dental college, nursin...

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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....

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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....

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Posted Under: Income Tax |

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

Income Tax Department conducted search operation on a group based in Delhi in connection with tax evasion and money laundering. The group is engaged in various e-governance projects and financial services. It has presence across several cities in India and also in Dubai....

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Posted Under: Income Tax |

Income Tax Department conducts Search on wellness group

On 16.10.2019, the Income Tax Department conducted search action under the Income-tax Act, 1961 in the case of a conglomerate of trusts and companies that run year-round wellness courses and training programmes in philosophy, spirituality, etc at various sprawling residential campuses in Varadaiahpalem in AP, and also in Chennai and Banga...

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Posted Under: Income Tax |

Income Tax Department conducts searches on business group in Goa

The Income Tax Department carried out search operation on 10/10/2019 covering six premises of two groups involved in the sale-purchase of hotel resort at Goa. One of the groups covered currently owns a large property at Goa on which a 5 star resort project is being built. The group is engaged primarily in Hotels & Hospitality, real est...

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Posted Under: Income Tax |

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