income tax search

Budget 2017: Non disclosure of reason to search to cause undue hardship to genuine assessee

Income Tax - It is proposed to insert an Explanation to section 132(1), 132(1A) and 132A(1) to declare that the reason to believe or reason to suspect, as the case may be, shall not be disclosed to any person or any authority or the Appellate Tribunal. The proposed amendment could lead to unnecessary harassment of taxpayers....

Read More

Budget 2017: In case of Search Assessment notice can be issued for 10 Years

Income Tax - In order to protect the interest of the revenue in cases where tangible evidence(s) are found during a search or seizure operation (including 132A cases) and the same is represented in the form of undisclosed investment in any asset, it is proposed that section 153A relating to search assessments be amended to provide that notice under th...

Read More

Budget 2017: Centralised issuance of notice & processing of information U/s.133C

Income Tax - It is proposed to amend section 133C to empower the Central Board of Direct Taxes to make a scheme for centralised issuance of notice calling for information and documents for the purpose of verification of information in its possession, processing of such documents and making the outcome thereof available to the Assessing Officer for nec...

Read More

Budget 2017 reduces time limits for completion of search assessment

Income Tax - The existing provisions of section 153B provide for the time limit for completion of assessment under section 153A....

Read More

Enjoy Diwali with crackers of Income Tax

Income Tax - In Income tax biggest cracker is the cracker that explodes in 6 different ways, we call it as Six Shots and that cracker is of SEARCH OR RAID. ...

Read More

Tax Payers advised to confirm identities of Income Tax Search Authorities

Income Tax - The Income Tax Department in the Delhi region regularly conducts search/survey/verification exercises in case of suspected tax evaders to uncover concealment of undisclosed income/assets as per the law....

Read More

ITD searches about 2534 groups of persons

Income Tax - ITD conducted searches in about 2534 groups of persons led to admission of undisclosed income of about Rs. 45,622 crore apart from seizure of undisclosed assets (cash, jewellery etc) worth about Rs. 3,625 crore ...

Read More

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

Income Tax - 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. ...

Read More

CBDT Clarifies Regarding Prosecution of Tax Evaders

Income Tax - Effective and Stringent Action only in known and big cases of Tax Evasion to Demonstrate to the Large Number of Compliant Tax Payers that the Tax Laws are just and Fair and to Encourage Voluntary Tax Compliance It has been noticed that the certain section of media have referred to the Discussion Paper, circulated during […]...

Read More

DCI Search and Seizure Operations Reveal Undisclosed Income of Rs. 438 Crore

Income Tax - DCI Search and Seizure Operations Reveal Undisclosed Income of Rs. 438 CroreThe Directorate of Criminal Investigation (DCI) was created vide Notification dated 30th May, 2011 and 19th August 2011 to perform functions in respect of criminal matters having any financial implications punishable as an offence under any direct tax law includin...

Read More

No seizure of Jewellery If gross weight disclosed in regular return exceeds jewellery found during search

Mrs. Nawaz Singhania Vs. DCIT (ITAT Mumbai) - Mrs. Nawaz Singhania Vs. DCIT (ITAT Mumbai) Instruction 1916 issued by the Board with regard to seizure of jewellery has inherent foundation of undisclosed portion of jewellery that may be identified in the search. The Instruction No. 1916, therefore is describing the criteria for decision making fo...

Read More

ITAT confirms Addition to Income of Priyanka Chopra

Ms. Priyanka Chopra Vs. Dy. CIT (ITAT Mumbai) - IT search and seizure case of Priyanka Chopra: with reference to the materials found specific amount to various heads given wherein the undisclosed income had been utilized, later on retraction by her mother: additions to income held to be justified...

Read More

Abated assessments cannot be disturbed if no incriminating material found during search

Shri Krishna Kumar Singhania Vs. DCIT (ITAT Kolkata) - Legislature had conferred powers on AO to just follow assessments already concluded unless there is an incriminating material found in search to disturb concluded assessment....

Read More

Search on holding company and assessee name not mentioned in warrant so Assessment U/s. 153A is void ab initio

Dorf Ketal Chemicals LLC Vs. Dy. CIT (ITAT Mumbai) - From the perusal of the provisions of section 153A of the Act that notice under section 153A can only be issued where a search is initiated under section 132 of the Act or books of account or other documents other documents are requisitioned under section 132A after the 31-5-2003. ...

Read More

Additional Income cannot be treated as undisclosed merely for admission during search

Deputy Commissioner of Income-tax Vs. Shri Ravi Kumar Khaitan (ITAT Kolkata) - Merely for the reason that the assessee had admitted additional income in the course of search for taxation, it cannot be said that such admitted income was undisclosed income within the meaning of 'undisclosed income' provided in Explanation to section 271AAA of the Act to impose the penalty. ...

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

Assessment of preceding years in search cases during election period

Circular No. 10/2012-Income Tax - (31/12/2012) - Circular No. 10/2012-Income Tax As per provisions contained in section 153A and 153C of the Income Tax Act, 1961, the Assessing Officer is required to issue notice for assessing or reassessing the total income for six assessment years immediately preceding the assessment year relevant to the previo...

Read More

income tax search’s Popular Posts

Recent Posts in "income tax search"

No seizure of Jewellery If gross weight disclosed in regular return exceeds jewellery found during search

Mrs. Nawaz Singhania Vs. DCIT (ITAT Mumbai)

Mrs. Nawaz Singhania Vs. DCIT (ITAT Mumbai) Instruction 1916 issued by the Board with regard to seizure of jewellery has inherent foundation of undisclosed portion of jewellery that may be identified in the search. The Instruction No. 1916, therefore is describing the criteria for decision making for jewellery to be undisclosed. According...

Read More

ITAT confirms Addition to Income of Priyanka Chopra

Ms. Priyanka Chopra Vs. Dy. CIT (ITAT Mumbai)

IT search and seizure case of Priyanka Chopra: with reference to the materials found specific amount to various heads given wherein the undisclosed income had been utilized, later on retraction by her mother: additions to income held to be justified...

Read More

Abated assessments cannot be disturbed if no incriminating material found during search

Shri Krishna Kumar Singhania Vs. DCIT (ITAT Kolkata)

Legislature had conferred powers on AO to just follow assessments already concluded unless there is an incriminating material found in search to disturb concluded assessment....

Read More

Search on holding company and assessee name not mentioned in warrant so Assessment U/s. 153A is void ab initio

Dorf Ketal Chemicals LLC Vs. Dy. CIT (ITAT Mumbai)

From the perusal of the provisions of section 153A of the Act that notice under section 153A can only be issued where a search is initiated under section 132 of the Act or books of account or other documents other documents are requisitioned under section 132A after the 31-5-2003. ...

Read More

Additional Income cannot be treated as undisclosed merely for admission during search

Deputy Commissioner of Income-tax Vs. Shri Ravi Kumar Khaitan (ITAT Kolkata)

Merely for the reason that the assessee had admitted additional income in the course of search for taxation, it cannot be said that such admitted income was undisclosed income within the meaning of 'undisclosed income' provided in Explanation to section 271AAA of the Act to impose the penalty. ...

Read More

Assessment u/s 153A can be made only on the basis of incriminating material found in search

Commissioner of Income Tax­ 20 Vs. Shri. Deepak Kumar Agarwal (Bombay High Court)

Though the name of the respondent ­ assessee is distinct in each of these Appeals, it is agreed that the Revenue is proposing similar questions in all of them. These Appeals of the Revenue arise out of the order passed by the Tribunal and taking a view that the grounds raised are covered, in majority of the cases, by the earlier order of...

Read More

Tax Payers advised to confirm identities of Income Tax Search Authorities

The Income Tax Department in the Delhi region regularly conducts search/survey/verification exercises in case of suspected tax evaders to uncover concealment of undisclosed income/assets as per the law....

Read More
Posted Under: Income Tax |

Penalty u/s 271AAA cannot be levied on undisclosed Income for which AO did not put a specific query to assessee

Principal CIT (Central) Vs M/S Emirates Technologies Pvt. Ltd. (Delhi High Court)

1. The Revenue is in appeal against the order dated 28th October, 2016 passed by the Income Tax Appellate Tribunal in ITA NO. 476/Del./2014 for Assessment Year (‘AY’) 2010-2011. 2. The question sought to be urged by the Revenue is whether the ITAT erred in law in confirming the order of the Commissioner of Income […]...

Read More

Sec.153B(2)(a) Mere Panchnama would not extend period of limitation

Pr. Commissioner Of Income Tax Central-3 Vs Ppc Business And Products Pvt. Ltd. (Delhi High Court)

The Court is not prepared to accept the plea of the Revenue that merely because a panchnama was drawn up on 15thMay, 2007 showing that the search was ‘finally concluded’ on that date, it postponed the period of limitation in terms of Section 153B (2) (a) of the Act....

Read More

Notice U/s. 153A issued without search is bad in law

ACIT Vs. K.G. Finvest Pvt. Ltd. (ITAT Delhi)

In the instant case, it is the assessment of person allegedly searched, which is disputed before us, unlike the notice issued for the assessment of `other person’ before the Hon’ble Supreme Court. Even otherwise, the issue of invalidity of the search warrant in that case was not raised at any point of time prior to […]...

Read More
Page 1 of 1012345...10...Last »

Browse All Categories

CA, CS, CMA (3,599)
Company Law (3,637)
Custom Duty (6,780)
DGFT (3,553)
Excise Duty (4,086)
Fema / RBI (3,344)
Finance (3,590)
Income Tax (26,326)
SEBI (2,793)
Service Tax (3,305)

Search Posts by Date

February 2018
M T W T F S S
« Jan    
 1234
567891011
12131415161718
19202122232425
262728