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...
The petitioner is a share broker. A survey was conducted under Section 133-A of the Act on 24.4.2001 in which a large number of incriminating documents were found. The AO proceeded to make enquiries in which it was found that there were serious defects in the books of accounts. Shri Ravindra Kumar Agrawal-the Director had created large number of fictitious concerns, which were not doing any business. In the circumstances the AO completed the assessment on protective basis.
Unlike Chapter XIV-B which provided for a special procedure for assessment of search cases, section 153A which provides for an assessment in case of search, and was introduced by the Finance Act, 2003 with effect from 1-6-2003, does not provide that a search assessment has to be made on the basis of evidence found as a result of search or other documents and such other materials or information as are available with the Assessing Officer and relatable to the evidence found.
In eBook on Survey, Search & Seizure under Income Tax Act, 1961 author has made every effort to compile all the latest developments in the field of Survey, Search & Seizure, which includes the prevalent law, its analysis, gist of significant judicial pronouncements of various courts, Frequent Asked Questions (FAQs), Performa’s of Panchnama & various forms and Important Circulars/ Notifications/ Press Notes, in updating the law. The book covers the following Topics.
Amendment Vide Finance Act, 2012. Pre Survey & Search precautions.. Salient features of survey proceedings. Salient features of Search & Seizure Proceedings Right & Duties of Assessee, Income Tax Department & Chartered Accountant
The Government has received a number of cases of information relating to remittances, payments and money held in foreign bank accounts etc. under the provisions of the DTAAs/TIEAs. Every reliable information, including information received from outside the country, is verified according to the provision of Direct Tax laws and action is taken to bring undisclosed amounts to taxation. Penalties are levied in cases of concealment. In appropriate cases, prosecution proceedings are initiated.
Undisclosed income exceeding Rs. 9,200 crore detected by CBDT during the search operations in the financial year 2011-12 During the financial year (FY) 2011-12, the Investigation Directorates of the Central Board of Direct Taxes (CBDT) conducted searches on 330 groups involved in different businesses / activities. On the basis of assets, documents and other evidence unearthed during such searches, undisclosed income exceeding Rs.9,200 crore was detected. Number of search warrants executed in FY 2011-12 was 5,132 as against 4,852 warrants executed in FY 2010-11. Unaccounted assets of the value of Rs.880 crore (including cash amounting to Rs.500 crore) were seized in FY 2011-12 as against assets of the value of Rs.775 crore (including cash amounting to Rs.440 crore) seized in FY 2010-11.
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.
