income tax search articles

Overview of Section 132: Search and Seizure under Income Tax Act

Explore Section 132 of the Income Tax Act, detailing search and seizure powers, authorizations, examinations, and rules for a transparent process...

Posted Under: Income Tax |

Completed/Unabated Assessments – No Addition if no Incriminating Material Found During Search: SC

Core issue involved in the appeals is the scope of assessment u/s 153A. question posed for consideration is, as to whether in respect of completed assessments/unabated assessments, whether the jurisdiction of AO to make assessment is confined to incriminating material found during the course of search u/s 132 or requisition u/s 132A or no...

Posted Under: Income Tax |

Exclusion of 15 day period for issuance of section 148 notice in Search cases

In cases where a search under section 132 is initiated or a search for which the last of the authorization is executed or requisition is made under section 132A, after the 15th March of any financial year a period of fifteen days shall be excluded for the purpose of computing the period of limitation for issuance of notice under section 1...

Posted Under: Income Tax |

Assistance to authorised officer during Income Tax search & seizure

During search authorised officer, may requisition services of any other person or entity, as approved by PCIT or CCIT, Principal Director General or DGIT...

Posted Under: Income Tax |

Union Budget 2023-24- Proposed Changes relating to Income Tax Search & Seizure Provisions 

In Finance Bill 2023 Finance Minister recommended significant though few changes relating to Income Tax Search & Seizure ...

Posted Under: Income Tax |

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

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....

Posted Under: Income Tax |

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

Dive into the complexities of Income Tax Act seizures of gold jewelry and bullions in India. Explore the significance of gold, the authority granted under Section 132, and the relief available to taxpayers through CBDT circulars and judicial pronouncements. Stay informed about the regulations and procedures to navigate tax implications. ...

Posted Under: Income Tax |

No addition based on mere confidential information submitted before Settlement Commission

ACIT Vs Smt. Renu Sehgal (ITAT Jaipur)

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....

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

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'.  ...

Posted Under: Income Tax |

Concept of peak credit in Income tax assessments

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...

Posted Under: Income Tax |

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