income tax search

Criticial Analysis of Search and Seizure In Vivo v/s ED

Income Tax - As per ED, Vivo deployed the technique of tax-loss harvesting by creating multiple shell/ dormant companies which were used to transfer its revenue domestically and further back-tracked them to China causing loss to Indian exchequer. It was also alleged that the officials at Vivo did not cooperate with ED....

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Seizure of Gold Jewelry & Bullions & Reliefs under Income Tax Act

Income Tax - Gold in India has had its own deep routed significance. From being known as the Golden Sparrow to the present times, the undying love of India and Indian people for gold has only become stronger and stronger. Gold is believed to be the symbol of success, wealth, prosperity and status, which proves to be a […]...

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No addition based on mere confidential information submitted before Settlement Commission

Income Tax - Addition cannot be made on the basis of mere confidential information submitted before Settlement Commission without incriminating material found in search and seizure to support addition....

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Income Tax Search and Seizure: ‘Insertion of Section 79A’-Plugging of lacuna by Finance Bill 2022

Income Tax - In the Union Budget 2022-23 through Finance Bill 2022, among other tax measures, the Hon’ble Finance Minister recommended 'Insertion of New Section 79A: - No set off of losses  consequent to search, requisition and survey'.  ...

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Concept of peak credit in Income tax assessments

Income Tax - In peak, the withdrawal of cash, if not utilized elsewhere, is considered as available for making deposits. The highest unexplained cash deposit is considered as peak. The determination of peak reduces the taxable income. However, where withdrawals are through cheques and it is not proved that such withdrawals have come back to the pocket...

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Search and seizure action by Income Tax Department in Bihar

Income Tax - Income Tax Department initiated a Search & Seizure action on few groups engaged in the business of gold & diamond jewellery and real estate, on 17.11.2022. The searches were carried out at more than 30 premises spread over Patna, Bhagalpur, Dehri-on-Sone, Lucknow and Delhi. During the course of the search, large number of incrimin...

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Income Tax Department conducts search actions in Karnataka            

Income Tax - Income Tax Department initiated Search & Seizure actions on 20.10.2022 and 02.11.2022 on certain individuals who had executed Joint Development Agreements (JDAs) with various real-estate developers. The search action covered more than 50 premises spread across Bengaluru, Mumbai and Goa. During the course of the search operations, a la...

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Search and seizure action by Income Tax Department in Jharkhand

Income Tax - A search and seizure action was initiated by the Income Tax Department on few business groups engaged in coal trading/ transportation, execution of civil contracts, extraction of iron ore and production of sponge iron, on 04.11.2022....

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Income Tax dept searches prominent business groups in Maharashtra

Income Tax - Income Tax Department conducts searches on prominent business groups in Maharashtra The Income Tax Department carried out a search & seizure action on 25.08.2022 on two groups engaged in the business of sand mining, sugar manufacturing, road construction, healthcare, running of medical college etc. The search action covered more than ...

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Income Tax Department searches two prominent real estate groups of Kolkata

Income Tax - Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 31st August, 2022 PRESS RELEASE Income Tax Department conducts searches in West Bengal The Income Tax Department carried out a search and seizure operation on 18.08.2022 on two prominent real estate groups of Kolkata. During the course o...

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Section 153A: No Additions if no Incriminating Materials unearthed during search

PCIT Vs Gautam Bhalla (Delhi High Court) - PCIT Vs Gautam Bhalla (Delhi High Court) Appellant states that the ITAT has erred in holding that the addition which was not based on incriminating material found during the search, could not be made the basis for an assessment order under section 153A of the Income Tax Act, 1961 without going into ...

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No Section 153A/153C addition If no Incriminating Material found during Search

PCIT Vs Mamta Agarwal (Delhi High Court) - If no incriminating material found during Income Tax search in respect of an issue, no addition for such issue can be made Sections 153A/153C ...

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Offering lower amount than income surrendered during course of search

Daya Properties and Finance Vs ACIT (ITAT Indore) - Daya Properties and Finance Vs ACIT (ITAT Indore) We observe that during the course of search cash sum of Rs.37,02,020/- was found and assessee failed to explain its source and accepted to offer it as additional income. No specific retraction was made before filing of return of income. In the return...

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Search Assessment- No addition if no Incriminating Material Found during Search

Jasmin K. Ajmera Vs DCIT (ITAT Mumbai) - Jasmin K. Ajmera Vs DCIT (ITAT Mumbai) It is settled legal proposition that the confession need corroboration with evidences. Though admission is an important piece of evidence but it is not conclusive and it is open to the assessee to show that it is incorrect. Therefore, retracted admission, in th...

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Section 115BBE addition unsustainable for Search conducted prior to 01.04.2017

DCIT Vs Punjab Retail Pvt. Ltd (ITAT Indore) - Held that search was carried out before the amendment, the addition ought to have been made in terms of the prevailing provision. Therefore, the addition made by the AO invoking Section 115BBE provision of which came into force only on 01.04.2017 is not sustainable....

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Income Tax Dept searches a group from Erode in Tamil Nadu

Release ID: 1681436 - (17/12/2020) - The Income Tax Department carried out searches on 14.12.2020 in a group case from Erode in Tamil Nadu, covering 15 premises at Erode and Chennai. The group is a leading civil contractor for Government works, specialised in erecting Seawave breaks along the coastlines and diversified into bus transpo...

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Income Tax Department conducts searches in Chandigarh

Release ID: 1681129 - (16/12/2020) - The Income Tax Department carried out search and seizure operations on 13.12.2020 in the case of a Chandigarh based listed pharmaceutical company and its associated concerns. A total of 11 premises were covered spanning Chandigarh, Delhi and Mumbai....

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Detection of undisclosed income of more than Rs. 450 crore in searches in Tamil Nadu

Release ID: 1676945 - (29/11/2020) - The related concerns of the assessee group are involved in financing, money lending and real estate development. The unaccounted transactions conducted by these entities and the unaccounted capital/loan infusion in these entities are estimated to be around Rs.50 crore. The searches, so far, have res...

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Income Tax Department searches at Chennai based IT Infra group

Release ID: 1670941 - (07/11/2020) - The Income Tax Department has carried out searches at 5 locations in Chennai and Madurai on 4.11.2020 in the case of a Chennai based group operating in IT Infra sector....

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Income Tax Department conducts searches in Kerala

Release ID: 1670628 - (06/11/2020) - The Income Tax Department has carried out search and seizure operations on 05.11.2020 in the case of a well-known self-styled evangelist of Thiruvalla in Kerala and his group of various trusts that enjoy exemption under the Income-tax Act, 1961 as charitable/religious trusts....

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Recent Posts in "income tax search"

Search and seizure action by Income Tax Department in Bihar

Income Tax Department initiated a Search & Seizure action on few groups engaged in the business of gold & diamond jewellery and real estate, on 17.11.2022. The searches were carried out at more than 30 premises spread over Patna, Bhagalpur, Dehri-on-Sone, Lucknow and Delhi. During the course of the search, large number of incrimin...

Read More
Posted Under: Income Tax |

Income Tax Department conducts search actions in Karnataka            

Income Tax Department initiated Search & Seizure actions on 20.10.2022 and 02.11.2022 on certain individuals who had executed Joint Development Agreements (JDAs) with various real-estate developers. The search action covered more than 50 premises spread across Bengaluru, Mumbai and Goa. During the course of the search operations, a la...

Read More
Posted Under: Income Tax |

Search and seizure action by Income Tax Department in Jharkhand

A search and seizure action was initiated by the Income Tax Department on few business groups engaged in coal trading/ transportation, execution of civil contracts, extraction of iron ore and production of sponge iron, on 04.11.2022....

Read More
Posted Under: Income Tax |

Section 153A: No Additions if no Incriminating Materials unearthed during search

PCIT Vs Gautam Bhalla (Delhi High Court)

PCIT Vs Gautam Bhalla (Delhi High Court) Appellant states that the ITAT has erred in holding that the addition which was not based on incriminating material found during the search, could not be made the basis for an assessment order under section 153A of the Income Tax Act, 1961 without going into merits of the […]...

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Income Tax dept searches prominent business groups in Maharashtra

Income Tax Department conducts searches on prominent business groups in Maharashtra The Income Tax Department carried out a search & seizure action on 25.08.2022 on two groups engaged in the business of sand mining, sugar manufacturing, road construction, healthcare, running of medical college etc. The search action covered more than ...

Read More
Posted Under: Income Tax |

Income Tax Department searches two prominent real estate groups of Kolkata

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 31st August, 2022 PRESS RELEASE Income Tax Department conducts searches in West Bengal The Income Tax Department carried out a search and seizure operation on 18.08.2022 on two prominent real estate groups of Kolkata. During the course o...

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Posted Under: Income Tax |

I-T dept searches Transmission Tower manufacturing group in West Bengal

Income Tax Department conducts searches on a prominent Transmission Tower manufacturing group in West Bengal The Income Tax Department carried out a search and seizure operation on 24.08.2022 on a prominent Kolkata based group, engaged in manufacturing of Power Transmission & Distribution (T&D) Structure, Steel Structures, Steel E...

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Posted Under: Income Tax |

Income Tax Department searches Ceramic Tiles Group in Gujarat

Income Tax Department conducts searches in Gujarat The Income Tax Department carried out a search and seizure operation on 09.08.2022 on a business group primarily engaged in manufacturing and trading of ceramic tiles. The search action covered a total of 36 premises, spread across Rajkot, Morbi, Ahmedabad, Raipur, Guwahati, Gurgaon, and ...

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Posted Under: Income Tax |

No Section 153A/153C addition If no Incriminating Material found during Search

PCIT Vs Mamta Agarwal (Delhi High Court)

If no incriminating material found during Income Tax search in respect of an issue, no addition for such issue can be made Sections 153A/153C ...

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Income Tax Dept searches steel TMT Bars manufacturing group

Income Tax Department carried out a search operation on 03.08.2022 on two major groups engaged in the manufacturing of steel TMT Bars. ...

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Posted Under: Income Tax |

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