income tax search

Income Tax Search and Seizure Assessments- No universal application of “extrapolation technique” in Search Assessments

Income Tax - During the course of a Search and Seizure action, it is seen in practice that incriminating material in the form of documents, diaries and other evidences are found which sometime reflects undisclosed income of an assessee only for a particular limited period of time and not for all the assessment years to be covered u/s 153A of the Incom...

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Issue of section 131(1A) notice after conclusion of Income Tax Search & Seizure

Income Tax - Issuance of notice under section 131(1A) of the Income Tax Act, 1961 after conclusion of Income Tax Search and Seizure under section 132 of the Income Tax Act, 1961. Introduction: Ever since the enactment of the original Income-tax statute of 1922, the Income-tax authorities have been vested with certain powers that are coterminous with t...

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Income Tax Search & Seizure Check facts before worrying

Income Tax - Under the Income Tax Act, the Search and Seizure operations are a carefully and secretly devised plan of action on the basis of authentic and bonafide information and material (something more than a rumor and gossip), which may be gathered on its own or given by some informer....

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Can Income Tax survey be converted into Search & Seizure

Income Tax - Whether an Income Tax survey proceedings u/s 133A of the Income Tax Act’1961 can be converted into an Income Tax Search and Seizure action u/s 132 of the Income Tax Act ‘1961 I. Introduction: It is seen in practice that in course of search and seizure action on large business houses u/s 132 of the […]...

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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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Income Tax searches at various locations in Uttar Pradesh

Income Tax - The Income Tax Department started a search and survey action on 18/11/2020 in the case of a leading cattle feed producer in Northern India. The search and survey actions are being carried out at 16 locations in Kanpur, Gorakhpur, Noida, Delhi and Ludhiana....

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Income Tax Department conducts searches in Bihar

Income Tax - The Income Tax Department has carried out searches on 29.10.2020 in the cases of four prominent contractor groups based in Patna, Bhagalpur, Hilsa, and Katihar. In addition, surveys have been conducted on some traders of mined rocks in Gaya....

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Income Tax Department conducts searches in Uttar Pradesh

Income Tax - Ministry of Finance Income Tax Department conducts searches in Uttar Pradesh Posted On: 29 OCT 2020 A search action was started by the Income Tax Department on 28.10.2020 in the case of a Bijnor based group engaged in real estate business and it’s associates. There were allegations that the group companies were having huge security pre...

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Income Tax Department conducts searches in Tamil Nadu

Income Tax - The Income Tax Department has carried out searches on 28.10.2020 at 22 premises in Coimbatore, Erode, Chennai and Namakkal on a group engaged in the running of Educational Institutions and their associates, including a civil contractor. The search was carried out on the basis of information that fees collected from students were not fully...

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Income Tax Department conducts searches in Delhi- NCR, Haryana, Punjab, Uttarakhand & Goa

Income Tax - The Income tax Department has carried out a search and seizure action on 26.10.2020 on a large network of individuals running the racket of entry operation and generation of huge cash through fake billing. The search operations have been conducted on 42 premises across Delhi- NCR, Haryana, Punjab, Uttarakhand and Goa....

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To acquire section 153C Jurisdiction, Documents Seized must be Incriminating

ACIT Vs Realtech Construction Pvt. Ltd. (ITAT Delhi) - The issue under consideration is whether to acquire jurisdiction under section 153C is it require that the seized documents must be incriminating and must relate to the assessment year whose assessment were sought to be reopened?...

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Premature Disclosure of Pending tax Investigation to Media Not Justified in Law

Rajendran Chingaravelu vs Addl. CIT (Supreme Court of India) - The issue under consideration is whether the proceedings of enquiry/investigation undertaken at the airports without keeping it confidential and premature disclosure to the media (print/electronic) is justified in law?...

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Section 153C notice without recording Satisfaction Note is unjustified

ACIT Vs Rangoli Buildtech (P) Ltd. (ITAT Delhi) - The issue under consideration is whether the issuing notice u/s 153C to the person other than person against whom search is initiated, but without submitting satisfaction note is justified in law?...

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906 Gms Jewellery gms was Reasonable for Assessee Married for More than 25 years

Ashok Chaddha Vs ITO (Delhi High Court) - whether the Tribunal is correct in making the addition of the entire jewellery found at the time of search as undisclosed income without appreciating that the said jewellery was acquired at the time of marriage over a period of time?...

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Six AYs Counted from Date of Handing over of Assets/Documents to AO for Section 153C Assessments

ACIT Vs Mapsa Tapes (P) Ltd. (ITAT Delhi) - whether Assessment year in respect of proceedings u/s 153C of the Act to be same 6 years in the case of other person, for which the proceedings u/s 153A is initiated in the case of connected searched person?...

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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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Income Tax Department conducts searches in West Bengal

Release ID: 1670627 - (06/11/2020) - The Income Tax Department has carried out searches on 05/11/2020 in the case of one prominent coal trader of West Bengal having premises in Raniganj, Asansol, Purulia and Kolkata. The searches were based on intelligence gathered, which indicated that large scale unaccounted cash was being generate...

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Income Tax Department carries out searches in Delhi, NCR & Haryana

Release ID: 1664884 - (15/10/2020) - Ministry of Finance Income Tax Department carries out searches in Delhi, NCR and Haryana Posted On: 15 OCT 2020 The Income Tax Department has carried out a search and seizure action on 14.10.2020 in the case of a leading advocate practicing in the field of commercial arbitration and alternate disput...

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Recent Posts in "income tax search"

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 resulted in the detection of undisclosed in...

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Income Tax Search and Seizure Assessments- No universal application of “extrapolation technique” in Search Assessments

During the course of a Search and Seizure action, it is seen in practice that incriminating material in the form of documents, diaries and other evidences are found which sometime reflects undisclosed income of an assessee only for a particular limited period of time and not for all the assessment years to be covered u/s 153A of the Incom...

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Posted Under: Income Tax |

Income Tax searches at various locations in Uttar Pradesh

The Income Tax Department started a search and survey action on 18/11/2020 in the case of a leading cattle feed producer in Northern India. The search and survey actions are being carried out at 16 locations in Kanpur, Gorakhpur, Noida, Delhi and Ludhiana....

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Posted Under: Income Tax |

To acquire section 153C Jurisdiction, Documents Seized must be Incriminating

ACIT Vs Realtech Construction Pvt. Ltd. (ITAT Delhi)

The issue under consideration is whether to acquire jurisdiction under section 153C is it require that the seized documents must be incriminating and must relate to the assessment year whose assessment were sought to be reopened?...

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Premature Disclosure of Pending tax Investigation to Media Not Justified in Law

Rajendran Chingaravelu vs Addl. CIT (Supreme Court of India)

The issue under consideration is whether the proceedings of enquiry/investigation undertaken at the airports without keeping it confidential and premature disclosure to the media (print/electronic) is justified in law?...

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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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Income Tax Department conducts searches in West Bengal

Release ID: 1670627 (06/11/2020)

The Income Tax Department has carried out searches on 05/11/2020 in the case of one prominent coal trader of West Bengal having premises in Raniganj, Asansol, Purulia and Kolkata. The searches were based on intelligence gathered, which indicated that large scale unaccounted cash was being generated and used for various purposes....

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Issue of section 131(1A) notice after conclusion of Income Tax Search & Seizure

Issuance of notice under section 131(1A) of the Income Tax Act, 1961 after conclusion of Income Tax Search and Seizure under section 132 of the Income Tax Act, 1961. Introduction: Ever since the enactment of the original Income-tax statute of 1922, the Income-tax authorities have been vested with certain powers that are coterminous with t...

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Posted Under: Income Tax |

Income Tax Department conducts searches in Bihar

The Income Tax Department has carried out searches on 29.10.2020 in the cases of four prominent contractor groups based in Patna, Bhagalpur, Hilsa, and Katihar. In addition, surveys have been conducted on some traders of mined rocks in Gaya....

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Posted Under: Income Tax |

Section 153C notice without recording Satisfaction Note is unjustified

ACIT Vs Rangoli Buildtech (P) Ltd. (ITAT Delhi)

The issue under consideration is whether the issuing notice u/s 153C to the person other than person against whom search is initiated, but without submitting satisfaction note is justified in law?...

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Income Tax Department conducts searches in Uttar Pradesh

Ministry of Finance Income Tax Department conducts searches in Uttar Pradesh Posted On: 29 OCT 2020 A search action was started by the Income Tax Department on 28.10.2020 in the case of a Bijnor based group engaged in real estate business and it’s associates. There were allegations that the group companies were having huge security pre...

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Posted Under: Income Tax |

Income Tax Department conducts searches in Tamil Nadu

The Income Tax Department has carried out searches on 28.10.2020 at 22 premises in Coimbatore, Erode, Chennai and Namakkal on a group engaged in the running of Educational Institutions and their associates, including a civil contractor. The search was carried out on the basis of information that fees collected from students were not fully...

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Posted Under: Income Tax |

Income Tax Department conducts searches in Delhi- NCR, Haryana, Punjab, Uttarakhand & Goa

The Income tax Department has carried out a search and seizure action on 26.10.2020 on a large network of individuals running the racket of entry operation and generation of huge cash through fake billing. The search operations have been conducted on 42 premises across Delhi- NCR, Haryana, Punjab, Uttarakhand and Goa....

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Posted Under: Income Tax |

Income Tax Department conducts searches in J&K

The Income Tax Department carried out search and seizure actions on 22/10/2020 on a group of three assessees, based in Srinagar. Searches were conducted at 15 residential and business premises, out of which 14 were in Srinagar and 1 in Delhi....

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Posted Under: Income Tax |

Income Tax Department carries out searches in Bihar

The Income Tax Department carried out searches on 19.10.2020 in the cases of two Government contractors having premises in Purnea, Katihar and Saharasa and a silk trader in Bhagalpur in Bihar. The searches were based on intelligence gathered, which indicated that large scale unaccounted cash was being generated and used for various purpos...

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Posted Under: Income Tax |

Income Tax Department carries out searches in Delhi, NCR & Haryana

Release ID: 1664884 (15/10/2020)

Ministry of Finance Income Tax Department carries out searches in Delhi, NCR and Haryana Posted On: 15 OCT 2020 The Income Tax Department has carried out a search and seizure action on 14.10.2020 in the case of a leading advocate practicing in the field of commercial arbitration and alternate dispute resolution. He was suspected to [&hell...

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Income Tax Search & Seizure Check facts before worrying

Under the Income Tax Act, the Search and Seizure operations are a carefully and secretly devised plan of action on the basis of authentic and bonafide information and material (something more than a rumor and gossip), which may be gathered on its own or given by some informer....

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Posted Under: Income Tax |

Income Tax Department conducts search in Ahmedabad

The Income Tax Department, based on credible intelligence, conducted a search & seizure action on 08.10.2020 at Ahmedabad in the case of a group engaged in the businesses of real estate, construction and land trading. Search was conducted at 27 premises, which included offices and residences of some associates also....

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Posted Under: Income Tax |

Income Tax Department conducts searches in Bihar & UP

Release ID: 1662309 (07/10/2020)

The Income Tax Department, on the basis of actionable intelligence received, conducted search and seizure actions on 06-10-2020 in Patna, Sasaram and Varanasi in the case of a person, who is in the business of mining and hotel industry. Search was also conducted in the case of a Chairman of a large cooperative bank....

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Summary of Performance Audit on Income tax Search & Seizure Assessments

Report No.14 of 2020 – Performance Audit on Search and Seizure Assessments in Income Tax Department, Union Government, Department of Revenue – Direct Taxes Search and Seizure is a very powerful tool available to Income Tax Department to unearth any concealed income or valuables and to check the tendencies of tax evasion thereb...

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Posted Under: Income Tax |

Income Tax Department conducts search in Jharkhand & West Bengal

 The Income Tax Department has carried out search and survey operations on 25th September, 2020 at around 20 residential and business premises of a prominent group having operations in Jharkhand and West Bengal. The group is engaged in trading of various commodities, production of vanasapati ghee, real estate and tea estates. The group i...

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Posted Under: Income Tax |

906 Gms Jewellery gms was Reasonable for Assessee Married for More than 25 years

Ashok Chaddha Vs ITO (Delhi High Court)

whether the Tribunal is correct in making the addition of the entire jewellery found at the time of search as undisclosed income without appreciating that the said jewellery was acquired at the time of marriage over a period of time?...

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Income Tax Department carries out searches in Jammu & Kashmir

Release ID: 1655515 (17/09/2020)

The Income Tax Department carried out a search and seizure operation on a prominent Hotelier, owning a chain of Hotels at  Srinagar, Gulmarg, Sonamarg and Pahalgam with another hotel under construction at Leh....

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Income Tax Department carries out searches in Srinagar & Kupwara

Release ID: 1650758 (02/09/2020)

The Income Tax Department has carried out simultaneous search and seizure operations on 2nd September, 2020 in the case of three prominent businessmen in Srinagar and Kupwara. These operations have, prima facie, led to the detection of huge amount of undisclosed income, seizure of unaccounted assets and incriminating evidence and involvem...

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Six AYs Counted from Date of Handing over of Assets/Documents to AO for Section 153C Assessments

ACIT Vs Mapsa Tapes (P) Ltd. (ITAT Delhi)

whether Assessment year in respect of proceedings u/s 153C of the Act to be same 6 years in the case of other person, for which the proceedings u/s 153A is initiated in the case of connected searched person?...

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Section 153C Assessment order in the Name of Non Existing Entity is Invalid

DCIT Vs Mapsa Infra (P) Ltd. (ITAT Delhi)

The issue under consideration is whether Assessemnt order u/s 153C issued in the name of Amalgamated Company will be considered as valid?...

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Section 153A Assessment Invalid if no Incriminating Material Found during Search

Shri Amit Arora Vs ACIT (ITAT Delhi)

The issue under consideration is whether the assessment u/s 153A can be considered as valid even if no incriminating material found during the course of search?...

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Bank Account disclosed in ITR found in search cannot be treated as Incriminating Material

Sarva Priya Holdings Pvt. Ltd. Vs DCIT (ITAT Kolkata)

The issue under consideration is whether the addition made by AO u/s 68 by considering the share application money received by assessee as unexplained cash credit is justified in law?...

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Income Tax Department conducts searches in Bhopal

The Income Tax Department carried out a search and seizure operation on 20.08.2020 at various locations in Bhopal. The key person of one of the groups covered used to run a bangles shop. Another person covered is a property builder/developer and is also running a cricket academy....

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Posted Under: Income Tax |

Section 153C instead of section 153A is Void ab Initio

S.P.S. Ahluwalia Vs ACIT (ITAT Delhi)

The issue under consideration is whether the issue of notice u/s 153C instead of section 153A is considered as valid assessment or not?...

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Section 153C Order invalid if AO failed to Record Satisfaction Note

Shri Jagjit Singh Vs ACIT (ITAT Delhi)

The issue under consideration is whether the assessment order passed by the assessing officer under section 153C is bad in law and void ab-initio?...

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Section 132(4) statement & notings found during search sufficient to invoke section 153A jurisdiction

Lalji Khimjibhai Patel Vs ACIT (ITAT Rajkot)

The issue under consideration is whether the assessee is correct in stating that cognizance taken under section 153A of the Act is illegal at the end of the A.O.?...

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No Addition against Individual family Member, for Gold/ Silver Belonging to Entire Family

Shri Pankaj Ladha Vs DCIT (ITAT Jaipur)

The issue under consideration is whether the addition can be made against an individual member of the family, even if the that gold in possession belongs to entire family?...

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Can Income Tax survey be converted into Search & Seizure

Whether an Income Tax survey proceedings u/s 133A of the Income Tax Act’1961 can be converted into an Income Tax Search and Seizure action u/s 132 of the Income Tax Act ‘1961 I. Introduction: It is seen in practice that in course of search and seizure action on large business houses u/s 132 of the […]...

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Posted Under: Income Tax |

Onus on Revenue to prove Assessee Paid Donation to College in Cash

Shri Sulekh Chand Singhal Vs ACIT (ITAT Delhi)

The issue under consideration is whether the addition made by AO merely based on the statement recorded under section 132(4) of the I.T. Act is justified in law?...

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Income Tax Department searched premises of Chinese entities

Release ID: 1645219 (11/08/2020)

Based on the credible information that few Chinese individuals and their Indian associates were involved in money laundering and hawala transactions through series of shell entities, a search action was mounted at various premises of these Chinese entities, their close confederates and couple of bank employees....

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Addition for unexplained gold cannot include value of Silver

Shri Mohanlal Haridas Purwat Vs DCIT (ITAT Mumbai)

The issue under consideration is whether the addition for unexplained Gold made by combining the value of Gold and Silver is justified in law?...

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Income Tax search & survey operations in Rajasthan, Delhi & Mumbai

The Income Tax Department carried out search and survey operations on three groups on 13.07.2020. These operations are being carried out at 20 premises in Jaipur, 6 in Kota, 8 in Delhi and 9 in Mumbai....

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Posted Under: Income Tax |

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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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...

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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?...

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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...

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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....

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‘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...

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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?...

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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...

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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....

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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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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...

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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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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...

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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....

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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....

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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?...

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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....

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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....

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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...

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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....

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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....

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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....

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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 |

Income Tax Department conducts searches on coaching institutes

Income Tax Department, conducted a search action on 11th October, 2019 in the case of a business group based in Namakkal, Tamil Nadu. The group is mainly into running of educational institutions, and coaching institutes for competitive exams like NEET, etc....

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Posted Under: Income Tax |

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 maliciously into institutional quota sea...

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Search and Survey operations

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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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 Center, Ground Floor, E-2, Jhandewalan Extens...

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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 immediately retracted. Additions made u/s ...

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Decoding Section 153C- Assessment of Income of any other person

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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Posted Under: Income Tax |

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, Thanjavur, etc and also in Kerala, Andhra Prad...

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Income Tax Search on a prominent Real Estate Group in Mumbai

The Income Tax Department conducted Search and Seizure operation on 29.07.2019 on a prominent group involved in Real Estate Development, covering more than 40 premises across Mumbai and Pune.  During the course of search operations, the Department unearthed evidences related to receipt of ‘On Money’ on sale of commercial and resident...

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Posted Under: Income Tax |

Income Tax Department detects Foreign Assets in recent search

Income Tax Department conducted searches on 23rd July, 2019 in a group covering 13 premises across 3 States (Delhi, Haryana & Himachal Pradesh). The group, controlled by persons who have significant political presence in a neighbouring State for decades and are occupying responsible political positions, has been generating large amoun...

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Posted Under: Income Tax |

Income Tax Department continues to strike in J&K Region

During the search, it was detected that the tax evader has been given illegal benefit of Rs 60 crore by J&K Bank. His outstanding loan of Rs 190 crore was settled at Rs 130 crore, although he did not deserve any concessional treatment....

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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 Section 158BC […]...

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Income Tax searches on a business group dealing in lotteries

NA (04/05/2019)

Income Tax Investigation Directorate, Chennai conducted searches on a Coimbatore based business group handling the lotteries run by certain State Governments under agreements with them to function as a Marketing Agent. ...

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Income Tax Department continues search action in J&K Region

Income Tax Department conducted search and seizure operations at 5 locations in the Kashmir Valley on 25.04.2019. The searches were carried out against a group which is a monopolistic wholesale distributor of pharmaceuticals in the Kashmir Valley....

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Posted Under: Income Tax |

Details of I-T search conducted in NCR on a group in Power sector

The Delhi unit of the Directorate General of Income-tax (Investigation) initiated search and seizure action on a group in NCR, Bhopal, Indore and Goa based upon credible information of large scale collection, possession and movement of unaccounted assets, a few weeks back....

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CBDT conducts search in the case of Sri Gurappa Naidu

The Income Tax Department conducted search on 9th April, 2019 in Vijaywada at the premises of Sri Gurappa Naidu, a cost accountant. An information had been received on toll-free-number that cash was kept at the residence of Shri Gurappa Naidu which was to be used in General Election. ...

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Posted Under: Income Tax |

Brief highlights of Income Tax searches in NCR, Bhopal, Indore & Goa

Based upon credible information of large scale collection, possession and movement of unaccounted assets, Delhi Directorate of Income Tax (Investigation) initiated search and seizure action on a group in NCR, Bhopal, Indore and Goa. More than 300 IT officials participated in the operation at about 52 locations in 4 States....

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Income Tax Dept carries out more search actions in J&K Region

Income Tax Department carried out search actions at 5 premises located in and around Srinagar on 28th March, 2019. Two groups who have connived with local officials in facilitation of absorption of undisclosed income of undesirable elements in shops, buildings and land in Srinagar were searched....

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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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Search and Seizure (Raid) by Income Tax Department Part II- After raid

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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I-T Dept continues to hit at terror financing activities in J&K Region

Income Tax Department conducted search actions at 5 locations in the Kashmir Valley on 14th March, 2019. Few places in Jammu were also searched. These actions are part of the Department’s continued drive against use of black money by disruptive elements in the State. The operations also send a message of deterrence and obviation to thos...

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Posted Under: Income Tax |

Search & Seizure (Raid) by Income Tax Department Part I- During raid

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 conduct searches 5 locations in J & K

Income Tax Dept conducted searches at 5 locations in Jammu & Kashmir region on 14/3/19. The actions are part of Deptt’s continued drive against use of black money by disruptive elements in the State; also send message of deterrence 2 those intending 2 vitiate democratic process of free & fair election. Prominent LOC trader who [...

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Income Tax Department hits at terror financing activities in J&K Region

Income Tax Department hits at terror financing activities in J&K Region; Conducts sensitive search action at various place. The Head of a prominent Organisation allegedly indulging in anti-national activities along with his associates were covered in a sensitive search action by the Income Tax Department today. Ministry of Finance Inc...

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Issues which may invite TDS surveys & inspections

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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Details of Black Money unearthed, prosecution, Search, Seizure & Surveys in last 3 Years

Income-tax Department takes appropriate action against black money which is an on-going process. Such action under the Direct Tax laws includes searches, surveys, enquiries, assessment of income, levy of penalties and filing of prosecution complaints before criminal courts, wherever applicable....

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Posted Under: Income Tax |

Search and Seizure & Survey under Income Tax Act 1961

Search, according to normal dictionary meaning, means to look out, to seek or to find something the presence of which is suspected etc. Seize means to take possession of goods, contrary to the wishes of the owner or to take forcible possession. From income tax point of view, in common parlance search is referred to as RAID. However, there...

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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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CBDT instructions on seizure of jewellery and ornaments are discretionary

Shri Keshav Lila Vs. Assistant Commissioner of Income Tax-1(2) (ITAT Indore)

Shri Keshav Lila Vs. ACIT (ITAT Indore) CBDT instructions which in our view provides a guideline to the search conducting team that no seizure should be made of the jewellery and ornaments found during the course of search proceedings u/s 132 of the Act, if the same have been duly declared in the wealth tax […]...

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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...

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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...

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