income tax search articles

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...

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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...

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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 ...

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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....

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

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

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....

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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'.  ...

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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...

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Union Budget 2022-23- Proposed Changes relating to Income Tax Search & Seizure Provisions

The Hon’ble Union Finance Minister Nirmala Sitharaman has presented the Union Budget 2022-23 of India on the 1st of February, 2022 with an aim to boost growth amid continued disruption from Covid-19 and rising inflation. The Hon’ble Finance Minister mentioned that the country is expected to grow at 9.27 per cent in the coming year [&h...

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Set off of loss or unabsorbed depreciation not allowed against undisclosed income

Set off of loss in search cases – Amendment in the provisions of section 79A of the Income Tax Act, 1961 Chapter VI of the Act deals with aggregation of income and set off or carry forward of loss. In Sections 70-80 of the Act there are specific provisions relating to set off or carry […]...

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Posted Under: Income Tax |

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