Income Tax : The new Income-tax Act, 2025 replaces the old survey framework with a streamlined regime under Section 253. It expands digital rec...
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 : 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 Indore partly allows Saaras Agro’s appeal, ruling on Section 69 and 115BBE additions. Key judicial precedents and CBDT circ...
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 : 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 ...
Briefly stated the relevant facts of the present case are that on 14th September, 2004, a survey under Section 133A of the Act was conducted out on the respondent-assessee?s business premises. During the course of survey, the tax officials noticed some discrepancies in stock and cash in hand. During the said survey, respondent-assessee surrendered an amount of ` 99,50,000/- and offered the same for the purposes of taxation. The additional income offered included a sum of Rs. 45,00,000/- on account of excess stock found during the course of survey and offered by one of the partners of the respondent-assessee as additional income.
The Income Tax Department, Chandigarh, today carried out surveys on as many as 10 premises belonging to five companies. The entities on which surveys were carried out are Silver Oaks Hospital, Mohali, Atop Fasteners, Meltonics Industries Private Ltd,
We heard the rival contentions. Before proceeding in this matter, we feel it is better to analyse the decision of Honb’le Madras ITAT decision in the case of Sivabala Devi, supra, as both the assessee and Ld. CIT(A) have placed their reliance on it. In that case, the appellant had furnished certain information regarding — her investments, sources thereof and the na
The Income Tax (I-T) department today searched seven offices of Parsvnath Developers. The department also conducted survey in 22 premises of the company at various locations across the country. “We have done a routine tax enquiry based on some information we had and have seized some documents. There are 100 tax officials involved in this investigation, conducted at Delhi and other regional offices of Parsvnath Developers,” said a source at the I-T Department.
Income Tax officials on Thursday swooped down on the Sahara India office in Lucknow looking for documents relating to the company’s bid for the IPL Pune team. The Sahara Group is the owner of the IPL Pune team. It paid a whopping Rs 1,700 crore to win the bid.
Ahmedabad-based Astral Poly Technik Ltd today said that Income Tax department has carried out survey on the premises of the company on April 15 and 16. Astral said IT department raised two technical issues on allocation of expenses between Gujarat plant and Himachal Pradesh plant of the company.
Mumbai based lawyers, doctors and film professionals are under Income-Tax department scanner, the department is planning to carry out a series of raids on such professionals, on grounds of incomplete disclosures. According to people familiar with the development, the department got into action after reports that a low-profile Mumbai-based lawyer had an unreported income of Rs 8 crore in his bank account.
In order to make an addition on the basis of surrender during search or survey, it is sine qua non that there should be some other material to co-relate the undisclosed income with such statement.
Those trying to evade the taxman may find that showing a lower income has just got tougher. The Bombay high court on Thursday, in a significant ruling, held that the income-tax department can rely on any relatable document when it comes to a block assessment. A bench headed by Justice D Y Chandrachud essentially made it easier for the tax officials to add or join other monies into the `income’ bracket based on surveys or search and seizures
In view of the foregoing, we are in agreement with the findings of Id. CIT(A) that activities undertaken by the taxpayer were in respect of production and export of computer software within the meaning of provisions of section 10B of the Act, especially when the AO himself concluded so for the purpose of section 80HHE of the Act. We are also in agreement with the uncontroverted submission of the Id. AR on behalf of the taxpayer that the taxpayer did not claim any deduction in AY 1996-97 and for the first time claimed deduction u/s 10B in AY 19987-98 and this being the 5th year, claim has to allowed.
