income tax search

‘Taxpayer’s Parade’: Beware of Anti-Tax Evasion Weapons

Income Tax - Krishna, on 26th January, India celebrates its Republic Day. Over the past few months GST and Income Tax departments have been sending notices to the taxpayers to increase the collection of Revenue. Please tell what are the weapons that department is using to take the Taxpayer’s parade?...

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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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Income Tax Dept detects unaccounted income of more than Rs. 2000 crore

Income Tax - Searches conducted by the Income Tax Department lead to detection of unaccounted income of more than Rs. 2000 crore. Income Tax Department carried out Search and Seizure action on 6th February 2020 at Hyderabad, Vijaywada, Cuddapah, Vishakhapatnam, Delhi and Pune. More than 40 premises were covered....

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Income Tax search on prominent persons in Film Industry in Tamil Nadu

Income Tax - The Income Tax Department conducted a search in the case of 4 major players in the Film Industry including a Producer, a prominent Actor, his Distributor and Financier based in Tamil Nadu on 05-02-2020....

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Undisclosed foreign assets of more than Rs. 1000 crore detected

Income Tax - Taking forward the mission of the Government against black money, particularly undisclosed foreign assets, the Income Tax Department conducted searches on 19th January, 2020, on a group which has been on their radar for having substantial undisclosed foreign assets. The operation covered 13 premises in NCR....

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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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Stock-in-trade seized must be released within 120 days: Delhi HC

Khem Chand Mukim Vs Pr. Director of Income Tax (Delhi High Court) - Seized stock-in-trade under Section 132 within the custody of the Income Tax authority must be released within 120 days. Since the action of Officer to seize jewellery without pre-existing and pre-recorded good reasons to believe was found to be grossly arbitrary, and the entire action was vitiated,...

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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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Illegal gratification paid to public servants- Discovered in I-T Raid

NA - (02/03/2020) - Incriminating documents and electronic data seized during the search show that substantial amount of illegal gratification was being paid to public servants and others every month. Further, daily details of unaccounted sales, bank accounts opened in the names of employees having transactions worth c...

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Income Tax Search led to discovery of hidden cloud servers

NA - (29/02/2020) - The highlight of the search is the discovery of hidden cloud servers other than the servers regularly used by the group for accounting, containing unaccounted transaction details often referred by the group as kaccha accounts....

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IT Search in group running renowned educational institutions

NA - (24/01/2020) - The Income Tax Department mounted a search on a group operating leading educational institutions having a large number of schools and colleges in Chennai and Madurai region. The search was conducted at the office of the Trust, residences of the trustees and key employees of the group....

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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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income tax search’s Popular Posts

Recent Posts in "income tax search"

Illegal gratification paid to public servants- Discovered in I-T Raid

NA (02/03/2020)

Incriminating documents and electronic data seized during the search show that substantial amount of illegal gratification was being paid to public servants and others every month. Further, daily details of unaccounted sales, bank accounts opened in the names of employees having transactions worth crores and an unaccounted bank account ha...

Read More

Income Tax Search led to discovery of hidden cloud servers

NA (29/02/2020)

The highlight of the search is the discovery of hidden cloud servers other than the servers regularly used by the group for accounting, containing unaccounted transaction details often referred by the group as kaccha accounts....

Read More

Stock-in-trade seized must be released within 120 days: Delhi HC

Khem Chand Mukim Vs Pr. Director of Income Tax (Delhi High Court)

Seized stock-in-trade under Section 132 within the custody of the Income Tax authority must be released within 120 days. Since the action of Officer to seize jewellery without pre-existing and pre-recorded good reasons to believe was found to be grossly arbitrary, and the entire action was vitiated, in order to discourage the Officer from...

Read More

Income Tax Dept detects unaccounted income of more than Rs. 2000 crore

Searches conducted by the Income Tax Department lead to detection of unaccounted income of more than Rs. 2000 crore. Income Tax Department carried out Search and Seizure action on 6th February 2020 at Hyderabad, Vijaywada, Cuddapah, Vishakhapatnam, Delhi and Pune. More than 40 premises were covered....

Read More
Posted Under: Income Tax |

Income Tax search on prominent persons in Film Industry in Tamil Nadu

The Income Tax Department conducted a search in the case of 4 major players in the Film Industry including a Producer, a prominent Actor, his Distributor and Financier based in Tamil Nadu on 05-02-2020....

Read More
Posted Under: Income Tax |

‘Taxpayer’s Parade’: Beware of Anti-Tax Evasion Weapons

Krishna, on 26th January, India celebrates its Republic Day. Over the past few months GST and Income Tax departments have been sending notices to the taxpayers to increase the collection of Revenue. Please tell what are the weapons that department is using to take the Taxpayer’s parade?...

Read More
Posted Under: Income Tax |

IT Search in group running renowned educational institutions

NA (24/01/2020)

The Income Tax Department mounted a search on a group operating leading educational institutions having a large number of schools and colleges in Chennai and Madurai region. The search was conducted at the office of the Trust, residences of the trustees and key employees of the group....

Read More

Undisclosed foreign assets of more than Rs. 1000 crore detected

Taking forward the mission of the Government against black money, particularly undisclosed foreign assets, the Income Tax Department conducted searches on 19th January, 2020, on a group which has been on their radar for having substantial undisclosed foreign assets. The operation covered 13 premises in NCR....

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 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 |

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