Income Tax : Explore Section 132 of the Income Tax Act, detailing search and seizure powers, authorizations, examinations, and rules for a tran...
Income Tax : Core issue involved in the appeals is the scope of assessment u/s 153A. question posed for consideration is, as to whether in resp...
Income Tax : In cases where a search under section 132 is initiated or a search for which the last of the authorization is executed or requisit...
Income Tax : During search authorised officer, may requisition services of any other person or entity, as approved by PCIT or CCIT, Principal ...
Finance : In Finance Bill 2023 Finance Minister recommended significant though few changes relating to Income Tax Search & Seizure ...
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 : Income Tax Department conducted search and seizure operations on a business group operating largely in North Bengal region of the ...
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 : SC held that amendment to Section 153C vide Finance Act, 2015 shall be applicable to searches conducted under Section 132 before 0...
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 Delhi High Court in the case of R.K. Jain (supra) has observed that in case of search material, the same is to be assessed by way of block assessment under Chapter XIV-B. Similar view is echoed by Hon’ble Bombay High Court in the case of Dr. M.K. E. Menon and by Hon’ble Gujarat High Court in N.R. Paper & Board Ltd. & others (supra). A similar view has been upheld by Hon’ble Supreme Court in the case of Manish Maheshwari (supra). In view of above, we are of the view that the impugned addition of Rs. 83 lacs cannot be made in the hands of the assessee on protective basis by taking recourse to sec. 143(3). Thus, the additional ground of the assessee is allowed.
Search and Seizure are the burning topics in current Tax scenario. It seems that North Block is completing its direct as well as indirect tax targets through this amour of ‘SEARCH and SEIZURE’. As the corporate’s as well as practitioners need to be very handy with the procedure, I have drafted the language of this article in very easy to understand manner.
Under the existing provisions of section 132 and section 132A, an authorisation can be issued or a requisition can be made, as the case may be, where the Director General or the Director in consequence of information in his possession has reason to believe that any person is in possession of any money, bullion, jewellery or other valuable article or thing (hereafter referred to as undisclosed income or property), then, he may authorise any Additional Director or Deputy Director, etc. to enter and search any building, place, vehicle, etc. and seize any such books of accounts, other documents, undisclosed property, etc.
It is proposed that the provisions of section 153A and 153C may be amended so as to empower the Central Government to notify cases or class of cases in which the Assessing Officer shall not issue notice for initiation of proceedings for preceding 6 assessment years. However, action for completion of assessment proceedings for the assessment year relevant to the previous year in such class of cases in which search or requisition has been made would be taken. This would result in initiating assessment proceedings only for the assessment year relevant to the previous year in which search or requisition has been made.
It is proposed to provide that the provisions of section 271AAA will not be applicable for searches conducted on or after 1st July, 2012. It is also proposed to insert a new provision in the Act (section 271AAB) for levy of penalty in a case where search has been initiated on or after 1st July, 2012. The new section provides that,-
Cash Worth Rs 2.03 Crore, Jewellery and Ornaments worth the Value of Rs.5.18 Crore, Fixed Deposits of Rs. 4.4 Crore, and Large Number of Documents Seized During the Search Operations by Income Tax Department. It has been reported in certain section of the media that there has been a leak in a search case conducted recently by the Income Tax department on a ‘liquor baron’. It is also being reported in the media that CBDT has instituted an inquiry into the matter.
The Income Tax Department on Wednesday conducted searches at the premises of prominent Uttar Pradesh-based liquor baron and businessman Ponty Chadha, in the state and at a few locations in Delhi.
Telecom company GTL Infrastructure has admitted undisclosed income of more than Rs 500 crore to the Income Tax department, Parliament was informed today. In consequence to a search action conducted in 2010, a group (GTL Infrastructure) had admitted undisclosed income of Rs 500.65 crore, Minister of State for Finance S S Palanimanickam told Lok Sabha in a written reply today.
The Income Tax department today conducted searches at the business premises of steel giant Jindal Steel works here for alleged charges of tax evasion. A team of I-T officials from the investigation and tax collection wings of the department reached the premises of the company and began scrutinising documents related to purchase orders and other financial dealings, sources said.
The income tax (I-T) department on Thursday searched the premises of event management company Wizcraft International Entertainment Private Limited to verify if it had attempted to falsify records of income and expenditure. The company was involved in the opening and closing ceremonies of the controversial Commonwealth Games (CWG) held at New Delhi last year.
