Income Tax : Article explains how surrendered income is treated under I.T Act, particularly focusing on applicability of Sections 68 to 69D and...
Income Tax : Discover the latest Amendments relating to Survey under section 133A of Income Tax Act. Get guidance on relevant sections such as ...
Income Tax : The Finance Act 2021 brought a new re-assessment procedure in respect of an income which has escaped assessment and also in survey...
Income Tax : Q1. Whether notice is required to be issued to the assessee before initiating survey? No, the section does not require prior noti...
Income Tax : Our Income Tax law allows all persons to self-assess their income and pay taxes. However, to protect the revenue base, unearth con...
Income Tax : Join a free webinar on Jan 11, 2025, to learn about surveys under the Income Tax Act, 1961. Gain insights on taxpayer rights, obli...
Income Tax : During the course of the survey operation, evidences of tax evasion have been gathered regarding wrongful claims of deduction u/s ...
Income Tax : Ministry of Finance TDS Surveys by Income Tax Department unearths huge defaults in deduction and deposit Posted On: 04 MAR 2020 In...
Income Tax : Major Achievements of CBDT in Current Financial Year 2016-17 so far include among others Enactment of The Benami Transactions (Pro...
Income Tax : The crucial survey operations conducted by the Income Tax department to detect tax evasion have been severely hit due to a long dr...
Income Tax : ITAT Mumbai held survey statements cannot solely justify income addition without corroborative evidence. Case: DCIT Vs Ahinsa Infr...
Income Tax : ITAT Kolkata confirms statements recorded during surveys under Section 133A cannot justify additions without corroborating evidenc...
Income Tax : Income declared in survey is to be taxed and it has to fall under one of the heads of income, i.e., business income and, therefore...
Income Tax : The issue under consideration is whether the AO is correct in levying penalty u/s 271C of the Act for non-deduction of tax at sour...
Income Tax : whether CIT(A) is justified in quashing the action of the AO u/s 154 of the Act in applying provision of section 115BBE of the IT ...
Income Tax : Now AO can also do survey u/s 133A of the Income Tax with the prior approval of concerned Principal CCIT/ DG F.No. 282/15/2022-IT ...
Income Tax : Any verification or survey u/s 133A of the Act by the TDS charges shall be conducted by its officers. Where the TDS charge is head...
Income Tax : Order under section 119 of the Income-tax Act, 1961 for exercising power of survey u/s 133A of the Income-tax Act, 1961 and in pur...
Income Tax : Any coercive or intrusive action for recovery of tax demands should be taken only after exhausting alternative means of recovery a...
Income Tax : Instances have come to the notice of CBDT where despite detection of considerable unaccounted cash and other valuables during the ...
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.
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 government. 2. Payment of commission by cooperative banks to agents/daily deposit collectors
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 […]
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 […]
(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
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 survey.
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;
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 value.
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
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 […]
