income tax search

Analysis of Issues In Income Tax Search & Seizure Operations

Income Tax - Article covers 5 Issues In Income Tax Search & Seizure Operations which includes Issues In Income Tax Search & Seizure Operations  Search Assessment 1. Where the Assessing Officer of the Searched and Other Person Is Same 2. Whether the Assessee Can Lodge the New Claims, Claim Deductions and claim Reliefs 3. Whether Notice Under S...

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Breaking Myths – Search Warrant under Income Tax Act

Income Tax - Warrant of Authorization [as stipulated under the Income Tax Act] The genesis of Search lies in the growing menace of Black money in our economy which is popularly known as Parallel economy. One cannot deny the fact that there are rampant tax evasion practices prevalent in our society and the government has constitutional duties to [&hell...

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‘Reason to Suspect’ Vs. ‘Reason to Believe’ in Search & Seizure

Income Tax - ‘Reason to Suspect’ Vs. ‘Reason to Believe’ in Search & Seizure It is receipt of some definite information by the department which results into initiation of search. This information leads to formation of “reason to suspect” and in turn “reason to believe”, to anticipate a breach or non-compliance of su...

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“Reasons to believe” – Is this concept considered crucial while conducting search and seizure?

Income Tax - The factor of 'reason to believe' is extremely crucial while conducting search and seizure proceedings. The same reasons are also required to be on record. Why are reasons to believe to be considered important? And what impact can it have?...

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Legality of Prior approval of JCIT for assessment in search cases under Section 153D

Income Tax - Legality of Prior approval of Joint Commissioner of Income Tax for assessment in search cases under Section 153D of Income Tax Act, 1961...

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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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Section 115BBE not applies if no Section 69 addition for undisclosed investments during Assessment

ACIT Vs Sudesh Kumar Gupta (ITAT Jaipur) - whether CIT(A) is justified in quashing the action of the AO u/s 154 in applying provision of section 115BBE on undisclosed investment surrendered during the course of survey proceedings?...

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Narcotic Drug Seizure by Tax Officers not amounts to Seizure under NDPS Act

Anant Vardhan Pathak Vs Union of India (Bombay High Court) - whether the act of the Income Tax Officers of collecting and keeping the Narcotic Drug found during search in safe custody constitutes a seizure?...

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ITAT remits back case of Actor Dulquer Salmann to AO

ACIT Vs. Shri Dulquer Salmann (ITAT Chennai) - ITAT Remit Back the case of Actor Dulquer Salmann (Assessee)  back to Assessing Officer (AO) as Information reconciling  source for investments which were added as undisclosed income were placed before it but not placed before AO....

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Satisfaction note should be recorded separately for assessee searched u/s 132

ACIT Vs Gracious Project Pvt. Ltd. (ITAT Delhi) - The assessee challenged the jurisdiction as the Assessing Officer has not given any separate satisfaction for the assessee and only a mechanical satisfaction was recorded....

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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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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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Recent Posts in "income tax search"

Section 115BBE not applies if no Section 69 addition for undisclosed investments during Assessment

ACIT Vs Sudesh Kumar Gupta (ITAT Jaipur)

whether CIT(A) is justified in quashing the action of the AO u/s 154 in applying provision of section 115BBE on undisclosed investment surrendered during the course of survey proceedings?...

Read More

Analysis of Issues In Income Tax Search & Seizure Operations

Article covers 5 Issues In Income Tax Search & Seizure Operations which includes Issues In Income Tax Search & Seizure Operations  Search Assessment 1. Where the Assessing Officer of the Searched and Other Person Is Same 2. Whether the Assessee Can Lodge the New Claims, Claim Deductions and claim Reliefs 3. Whether Notice Under S...

Read More
Posted Under: Income Tax |

Narcotic Drug Seizure by Tax Officers not amounts to Seizure under NDPS Act

Anant Vardhan Pathak Vs Union of India (Bombay High Court)

whether the act of the Income Tax Officers of collecting and keeping the Narcotic Drug found during search in safe custody constitutes a seizure?...

Read More

Breaking Myths – Search Warrant under Income Tax Act

Warrant of Authorization [as stipulated under the Income Tax Act] The genesis of Search lies in the growing menace of Black money in our economy which is popularly known as Parallel economy. One cannot deny the fact that there are rampant tax evasion practices prevalent in our society and the government has constitutional duties to [&hell...

Read More
Posted Under: Income Tax |

ITAT remits back case of Actor Dulquer Salmann to AO

ACIT Vs. Shri Dulquer Salmann (ITAT Chennai)

ITAT Remit Back the case of Actor Dulquer Salmann (Assessee)  back to Assessing Officer (AO) as Information reconciling  source for investments which were added as undisclosed income were placed before it but not placed before AO....

Read More

‘Reason to Suspect’ Vs. ‘Reason to Believe’ in Search & Seizure

‘Reason to Suspect’ Vs. ‘Reason to Believe’ in Search & Seizure It is receipt of some definite information by the department which results into initiation of search. This information leads to formation of “reason to suspect” and in turn “reason to believe”, to anticipate a breach or non-compliance of su...

Read More
Posted Under: Income Tax |

“Reasons to believe” – Is this concept considered crucial while conducting search and seizure?

The factor of 'reason to believe' is extremely crucial while conducting search and seizure proceedings. The same reasons are also required to be on record. Why are reasons to believe to be considered important? And what impact can it have?...

Read More
Posted Under: Income Tax |

Legality of Prior approval of JCIT for assessment in search cases under Section 153D

Legality of Prior approval of Joint Commissioner of Income Tax for assessment in search cases under Section 153D of Income Tax Act, 1961...

Read More
Posted Under: Income Tax |

Satisfaction note should be recorded separately for assessee searched u/s 132

ACIT Vs Gracious Project Pvt. Ltd. (ITAT Delhi)

The assessee challenged the jurisdiction as the Assessing Officer has not given any separate satisfaction for the assessee and only a mechanical satisfaction was recorded....

Read More

Law of Recording Satisfaction when AO of Searched & Other Person is Same

Analysis of the Judgment Delivered In The Case Of Super Malls Private Limited Vs PCIT (Supreme Court) related to explaining Law Of Recording Of Satisfaction When AO Of Searched Person And Other Person Is Same In Connection With Validity Of Notice under Section 153C Of The Income Tax Act, 1961. A. Facts of the Case: […]...

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