Income Tax Survey

Issues which may invite TDS surveys & inspections

Income Tax - Checking avoidance of TDS/ TCS liability in respect of the following payment,/ transactions; 1. Payment for purchase of land under sale deed by project implementing authorities towards compulsory land acquisition for SEZs/public utilities implemented under Fast Track procedure where the implementation is not done directly by state govern...

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Scope of Section 115BBE and applicability in survey U/S 133A

Income Tax - 115BBE. Tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D.—(1) Where the total income of an assessee includes any income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D, the income-tax payable shall be the aggregate of...

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Budget 2017 extends power of survey to charitable activity place

Income Tax - The existing provisions of section 1 33A empower an income-tax authority to enter any place, at which a business or profession is carried on, or at which any books of account or other documents or any part of cash or stock or other valuable article or thing relating to the business or profession are kept, for the purposes of conducting a ...

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Income Tax RAID – understanding Survey Vs. Search

Income Tax - Often termed as Raid by laymen, income tax survey and search are becoming increasingly common as businesses continue to grow. Apparently, there is no word called raid in the Income Tax Act. The two important tools which the department uses are survey and search and when one or both of these two operations get initiated, people term it as ...

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Budget 2014 Grants Power of Survey for verification of TDS defaults

Income Tax - Power of survey The existing provision contained in section 133A of the Act enables the Income-tax authority to enter any premises in which business or profession is carried out for the purposes of survey. An income-tax authority acting under this section may impound and retain in his custody any books of account or documents inspected [&...

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Major Achievements of CBDT in Current Financial Year 2016-17

Income Tax - Major Achievements of CBDT in Current Financial Year 2016-17 so far include among others Enactment of The Benami Transactions (Prohibition) Amendment Act, 2016, Implementation of The Direct Tax Dispute Resolution Scheme, 2016 and of GAAR from Assessment Year 2018-19;...

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Income Tax Employees strike – I-T survey operations hit in Delhi

Income Tax - The crucial survey operations conducted by the Income Tax department to detect tax evasion have been severely hit due to a long drawn employees agitation in the national capital. I-T employees and officials, except those of the Indian Revenue Service (IRS), have been agitating to press their demands including to review their cadre and pro...

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Income Tax department unearths tax evasion of Rs 18 crore in its surveys in small districts

Income Tax - In a first of its kind action in the state, the Income Tax department has conducted surveys in small districts and unearthed tax evasion to the tune of close to Rs 18 crore. The department recently conducted a special drive and conducted raids at the business premises of firms in Tikamgarh district and found Rs 8 crore of undisclosed inc...

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I-T sleuths to hand over boss's number before raid / Survey

Income Tax - The next time an Income Tax team raids your business premise they will not seize anything but instead leave the name and contact number of their boss with you. The I-T team will do so even before they begin the raid and the step has been taken to do away with any grievance related to harassment or corruption by I-T officials under the gar...

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Jaipur Firm surrenders Rs.7.35 crore for taxation

Income Tax - A handicraft, jewellery and carpet export firm here today surrendered an undisclosed income of Rs 7.35 crore for taxation following survey by the Income Tax department, IT sources said....

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Adverse material collected or found during survey can be utilised in Block Assessment

Commissioner of Income Tax Vs S. Ajit Kumar (Supreme Court of India) - CIT Vs S. Ajit Kumar (Supreme Court of India) The power of survey has been provided under Section 133A of the IT Act. Therefore, any material or evidence found/collected in a Survey which has been simultaneously made at the premises of a connected person can be utilized while making the Block Assess...

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Interest U/s. 234B / 234C cannot be levied for period prior to date of survey on Income declared during Survey

Emem Freight Forwarders Vs Dy. CIT (ITAT Mumbai) - Emem Freight Forwarders Vs Dy. CIT (ITAT Mumbai)  Section 210 of the Act requires the assessee to pay advance tax at his own or in pursuance of the order of the assessing officer on or before each of the due dates specified under section 211 of the Act. In the instant case, the assessment year [&he...

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Unrecorded stock of rice noticed during survey is Business Income

Pr. CIT Vs Bajargan Traders C/o. Kalani & Co. (Rajasthan High Court) - (i) Whether the Tribunal was legally justified in reversing the findings of the Commissioner (Appeals) and deleting the addition of Rs. 70,04,814 which was surrendered by the assessee by holding that such amount was included in the purchases and was reflected in the sales and closing stock...

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Statement U/s.133A have no evidentiary value if recorded by officer not empowered to

Shri Sanjay R. Shah Vs. ITO (ITAT Ahmedabad) - If the officer is not empowered to administer oath, then by scoring off the sections in the heads of the stationery would not authorize officer to administer oath and take statement under section 131 of the Income Tax Act, 1961 during the survey. Therefore, this statement is only a piece of informa...

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Mere Statement recorded during survey cannot be the sole basis for making addition

DCIT Vs M/s Amrapali Homes (ITAT Delhi) - A survey proceedings was carried out in the middle of the accounting year (on 1.12.2006) in the case of AHS Joint Venture, the sister concerns of the assessee firm. During the course of survey there was no incriminating material nor undisclosed income found in the hands of the assessee...

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Directions for forwarding pending survey /verification report- Reg.

F.No. 225/282/2018/ITA.II - (19/09/2018) - Vide Instruction No. 4/2018 dated 20.08.2018 issued in file of even no., CBDT has laid down Guidelines for selection of scrutiny cases during the financial-year 2018-19....

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No increase in Income Tax raid and survey in current Financial Year – Govt

PRESS NOTE 402/92/2006-MC (32 OF 2011) - (22/12/2011) - It is informed that under the Income Tax Act, search and seizure is conducted on the basis of specific and credible information regarding tax evasion, and after conducting necessary verification. Information technology tools, such as CASS and ITDMS, have been developed and are being extensively util...

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Recent Posts in "Income Tax Survey"

Directions for forwarding pending survey /verification report- Reg.

F.No. 225/282/2018/ITA.II (19/09/2018)

Vide Instruction No. 4/2018 dated 20.08.2018 issued in file of even no., CBDT has laid down Guidelines for selection of scrutiny cases during the financial-year 2018-19....

Read More

Issues which may invite TDS surveys & inspections

Checking avoidance of TDS/ TCS liability in respect of the following payment,/ transactions; 1. Payment for purchase of land under sale deed by project implementing authorities towards compulsory land acquisition for SEZs/public utilities implemented under Fast Track procedure where the implementation is not done directly by state govern...

Read More
Posted Under: Income Tax |

Scope of Section 115BBE and applicability in survey U/S 133A

115BBE. Tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D.—(1) Where the total income of an assessee includes any income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D, the income-tax payable shall be the aggregate of...

Read More
Posted Under: Income Tax |

Adverse material collected or found during survey can be utilised in Block Assessment

Commissioner of Income Tax Vs S. Ajit Kumar (Supreme Court of India)

CIT Vs S. Ajit Kumar (Supreme Court of India) The power of survey has been provided under Section 133A of the IT Act. Therefore, any material or evidence found/collected in a Survey which has been simultaneously made at the premises of a connected person can be utilized while making the Block Assessment in respect of […]...

Read More

Interest U/s. 234B / 234C cannot be levied for period prior to date of survey on Income declared during Survey

Emem Freight Forwarders Vs Dy. CIT (ITAT Mumbai)

Emem Freight Forwarders Vs Dy. CIT (ITAT Mumbai)  Section 210 of the Act requires the assessee to pay advance tax at his own or in pursuance of the order of the assessing officer on or before each of the due dates specified under section 211 of the Act. In the instant case, the assessment year […]...

Read More

Unrecorded stock of rice noticed during survey is Business Income

Pr. CIT Vs Bajargan Traders C/o. Kalani & Co. (Rajasthan High Court)

(i) Whether the Tribunal was legally justified in reversing the findings of the Commissioner (Appeals) and deleting the addition of Rs. 70,04,814 which was surrendered by the assessee by holding that such amount was included in the purchases and was reflected in the sales and closing stock...

Read More

Budget 2017 extends power of survey to charitable activity place

The existing provisions of section 1 33A empower an income-tax authority to enter any place, at which a business or profession is carried on, or at which any books of account or other documents or any part of cash or stock or other valuable article or thing relating to the business or profession are kept, for the purposes of conducting a ...

Read More
Posted Under: Income Tax |

Major Achievements of CBDT in Current Financial Year 2016-17

Major Achievements of CBDT in Current Financial Year 2016-17 so far include among others Enactment of The Benami Transactions (Prohibition) Amendment Act, 2016, Implementation of The Direct Tax Dispute Resolution Scheme, 2016 and of GAAR from Assessment Year 2018-19;...

Read More
Posted Under: Income Tax |

Statement U/s.133A have no evidentiary value if recorded by officer not empowered to

Shri Sanjay R. Shah Vs. ITO (ITAT Ahmedabad)

If the officer is not empowered to administer oath, then by scoring off the sections in the heads of the stationery would not authorize officer to administer oath and take statement under section 131 of the Income Tax Act, 1961 during the survey. Therefore, this statement is only a piece of information, and does not carry any evidentiary...

Read More

Income Tax RAID – understanding Survey Vs. Search

Often termed as Raid by laymen, income tax survey and search are becoming increasingly common as businesses continue to grow. Apparently, there is no word called raid in the Income Tax Act. The two important tools which the department uses are survey and search and when one or both of these two operations get initiated, people term it as ...

Read More
Posted Under: Income Tax | ,

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