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...
Hon,ble ITAT Agra has held in the case of ACIT Vs. Sunil C Gupta that Cash seized to be adjusted against advance tax liability. Explanation-2 to Section 132B of the Act enacted with effect from 1st June 2013. Hon’ble ITAT has upheld the observations of ld CIT(A) which are as under
It is well settled that in 153A/C assessments additions cannot be made unless they are based on any incriminating material or inquiries based on such material. It clearly emerges from record that there is neither reference nor reliance on any incriminating material.
Discover the impact of recent amendments to Section 153 of the Income-tax Act, excluding specific periods for assessment and reassessment. Stay informed on the computation of limitation periods, especially in cases involving audits or exchange of information. Effective from 1st June 2013. Consult tax experts for personalized guidance.
In the case before us, the legal heir was never impleaded or brought on record. The show cause notice for penalty was not issued, as legal heir of the deceased, and therefore, it cannot be said that non-mentioning of the name of the legal heir and writing of name of the deceased at the top
If banking facilities are not available at the place where land is purchased no disallowance u/s 40A(3) of the Income Tax Act,1961. Unsubstantiated material found in pen drive cannot be considered as a conclusive evidence to make additions
The unsubstantiated loose sheets cannot be considered as a conclusive evidence to make any addition towards undisclosed income. It was held by the Supreme Court in the case of CBI vs. V.C. Shukla (1998) 3 SCC 410 that ‘file containing loose sheets of papers are not books’ and hence entries therein are not admissible u/s. 34 of the Evidence Act, 1872.
Section 132 contemplates existence of certain eventualities in the event of existence where of the competent authority should have reason to believe the existence of the circumstances mentioned in clause (a) to (c) of sub-section (1) of Section 132 of the Act
DCI Search and Seizure Operations Reveal Undisclosed Income of Rs. 438 CroreThe Directorate of Criminal Investigation (DCI) was created vide Notification dated 30th May, 2011 and 19th August 2011 to perform functions in respect of criminal matters having any financial implications punishable as an offence under any direct tax law including inter-alia:
A search and seizure operation was carried out at the premises of the assessee on 22.11.2006. Assessee is an individual filed the return of income at Rs.5,88,06,735/- on 02.09.2008. This amount included undisclosed investment in jewellery of Rs. 12,85,777/-
In view of our decision in respect of additional ground no.3, other issues raised by the assessee by way of additional grounds and original grounds as per the memo of appeal do not call for any adjudication at this stage, because after deciding the technical aspect, the learned CIT(A) has to decide the entire issues again.
