Income Tax : From April 2025, updates to Sections 132 & 132B will streamline search and seizure processes, extending approval timelines and upd...
Income Tax : Understand the process of search & seizure under the Income Tax Act, including taxpayer rights, obligations, and key legal precede...
Income Tax : Explore the re-introduction of block assessments in search cases under the Income Tax Act effective from 01 September 2024. Learn ...
Income Tax : Discover the updated Income Tax assessment procedures for searches starting from September 2024, including tax rates, penalties, a...
Income Tax : Explore Section 132 of the Income Tax Act, detailing search and seizure powers, authorizations, examinations, and rules for a tran...
Income Tax : Learn about the new block assessment provisions for cases involving searches under section 132 and requisitions under section 132A...
Income Tax : In-depth analysis of the Income Tax Department crackdown in Chhattisgarh, uncovering a Rs. 13 crore scam involving a PEP, associat...
Income Tax : Ministry of Finance reveals Income Tax Department's massive search operation exposing a major tax evasion scheme in Mumbai's elect...
Income Tax : Income Tax Department's recent searches reveal tax evasion schemes by contractors, leading to unaccounted cash and asset creation....
Income Tax : Recent Income Tax search operation in Kashmir Valley exposes a prominent business group's substantial tax evasion in sectors inclu...
Income Tax : Rupesh Kantilal Savla Vs ACIT (ITAT Mumbai) - Power to assess block period of ten years could not be attracted in case of a Income...
Income Tax : Explore Section 153A of Income Tax Act, its implications, and judicial interpretations. Learn about search proceedings, panchnama,...
Income Tax : Delhi High Court dismisses the Income Tax Departments appeal against Meera Gupta for Assessment Years 2009-10, 2011-12 & 2013-14, ...
Income Tax : In respect of completed/unabated assessments, no addition can be made in absence of any incriminating material found during search...
Income Tax : Madras HC declares search at Anil Jain's residence and office illegal. Jurisdictional issues raised. Reference to Section 120 and ...
Income Tax : The Income Tax Department carried out searches on 14.12.2020 in a group case from Erode in Tamil Nadu, covering 15 premises at Ero...
Income Tax : The Income Tax Department carried out search and seizure operations on 13.12.2020 in the case of a Chandigarh based listed pharmac...
Income Tax : The related concerns of the assessee group are involved in financing, money lending and real estate development. The unaccounted t...
Income Tax : 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 bas...
Income Tax : The Income Tax Department has carried out search and seizure operations on 05.11.2020 in the case of a well-known self-styled evan...
In Income tax biggest cracker is the cracker that explodes in 6 different ways, we call it as Six Shots and that cracker is of SEARCH OR RAID.
Delhi High Court held In the case of Haryana Paneer Bhandar vs. CIT. that the Revenue has been unable to produce the satisfaction note of the AO of the searched person. Consequently, on this short ground of there being no satisfaction note, which is a mandatory requirement under Section 158BD.
a person other than the person referred to in section 153A, then, the books of account or documents or assets, seized or requisitioned shall be handed over to the Assessing Officer having jurisdiction over such other person ] and that Assessing Officer shall proceed against
In the case of Pankaj Plastic Industries Vs. ITO the Hon’ble Kolkata ITAT held that The materials found in the course of survey would not be the basis for making any addition in the assessment. The word “may” used in section 133A (3)(iii) of the Act makes it clear that the materials collected
In an appeal no.523/2013, the assessee was engaged in the operation of a Container Freight Station (CFS). It filed a return of income on 08.10.2008 declaring total income at Rs. Nil after claiming deduction of Rs.210713675/- u/s 80IA(4) of the Income Tax Act,1961
The Hon’ble Tribunal observed that the basis for making the addition of Rs. 19.98 crores is the loose paper which doesn’t make any sense. Merely by making additions of all the figures mentioned in the loose paper would not justify the addition of Rs. 19.98 crores.
In the case of Ms. Meena Rani Vs. ACIT, It was held by ITAT Delhi that If no satisfaction note has been recorded in the records of the searched persons but in the records of the assessee, assessment cannot be done U/s 153C
CIT (A) appeal as well as ITAT examined the document relied upon the revenue for making addition. It was found that the document was not addressed to anyone and without any signature and date. In such situation it can be said that it belong to assessee.
As regards, second issue CIT(A) has rightly adopted the peak credit theory by considering the fact that that there was only rotation of overdraft funds whereby the funds advanced on earlier dates were received back subsequently and there were no fresh deposits.
Effective and Stringent Action only in known and big cases of Tax Evasion to Demonstrate to the Large Number of Compliant Tax Payers that the Tax Laws are just and Fair and to Encourage Voluntary Tax Compliance It has been noticed that the certain section of media have referred to the Discussion Paper, circulated during […]
