Income Tax : The framework clarifies that search operations can be initiated only when authorities have credible information and recorded reaso...
Income Tax : The Court held that search action under tax law requires concrete material and cannot be based on assumptions. Lack of valid “re...
Goods and Services Tax : Learn about legal requirement of reasons to believe for GST search and seizure. Article discusses judicial precedents and procedur...
Income Tax : Learn the step-by-step procedure followed by Income Tax authorities during search and seizure operations, including legal safeguar...
Income Tax : This case study examines if a company can claim interest on assets and money seized by the Income Tax Department after an assessme...
Income Tax : CBDT’s 2025 Search & Seizure Manual guides tax officers on lawful, tech-driven investigations under Sections 132–132B of the I...
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 : The issue was whether a search-based assessment could be completed within 12 months after a Supreme Court ruling. The Court held t...
Income Tax : Delhi ITAT quashes ₹11 crore in tax additions, ruling that additions in a search case cannot be made without finding incriminati...
Income Tax : Supreme Court in Laljibhai Mandalia case upholds tax search, clarifies reasons to believe and limits judicial review over the suff...
Income Tax : ITAT Mumbai held survey statements cannot solely justify income addition without corroborative evidence. Case: DCIT Vs Ahinsa Infr...
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 : CBDT introduces ITR-B for search and seizure cases under section 158BC of the Income Tax Act, effective from 1st September 2024....
Goods and Services Tax : Specific instances have come to the notice of the Board and Central Vigilance Commission wherein proper procedures have apparently...
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...
Understanding the law of recording satisfaction when AO of searched person and other person is the same. Analysis of a recent Supreme Court judgment.
Incriminating documents and electronic data seized during the search show that substantial amount of illegal gratification was being paid to public servants and others every month. Further, daily details of unaccounted sales, bank accounts opened in the names of employees having transactions worth crores and an unaccounted bank account have been found. D
The highlight of the search is the discovery of hidden cloud servers other than the servers regularly used by the group for accounting, containing unaccounted transaction details often referred by the group as kaccha accounts.
CBDT Instruction No. 1916 allowing the specific quantity as reasonable and need not to be explained, does not include the jewellery which is otherwise explained by proof of documents of acquisition as well as declared/ recorded in the books of account of the assessee.
Seized stock-in-trade under Section 132 within the custody of the Income Tax authority must be released within 120 days. Since the action of Officer to seize jewellery without pre-existing and pre-recorded good reasons to believe was found to be grossly arbitrary, and the entire action was vitiated, in order to discourage the Officer from resorting to unwarranted action of search, Officer must bear the costs of Rs.50,000/- payable to Delhi Legal Service Authority.
The search/survey action has unravelled the entire modus-operandi which has been adopted by the share-brokers/traders to trade into the illiquid stock options in Equity Derivative Segment and thereby generate artificial losses/profit by executing reversal trades in a very short span of time. By this contrived methodology, the unscrupulous entities have secured desired profits/losses, which is estimated to be more than Rs. 3500 Crore. The search/survey action has also resulted into identification of the wrongful long-term capital gains taken in at least 3 penny stocks listed on the BSE, where the manipulated profits utilized by the beneficiaries aggregate to around Rs. 2000 Crore.
The issue under consideration is whether the addition made by AO u/s 68 by considering the share application money received by assessee as unexplained cash credit is justified in law?
On 15.11.2019, the Income Tax Department commenced a search action under section 132 in the case of a company in a tier 3 city in Tamil Nadu. The company is in the business of manufacturing certain specialized materials which are supplied to the health sector in India and abroad.
The Income Tax Department conducted search action in Mumbai and Surat on 06.11.2019 on entry providers and beneficiaries who have been engaged in execution of civil contracts mainly in Brihanmumbai Municipal Corporation (BMC). A total of 37 premises were covered under search action and 7 premises were covered under survey.
On 07.11.2019, the Income Tax Department conducted search action under the Income-tax Act, 1961 in the case of a group of trusts that are running educational institutions in and around Chennai for the past thirty years. The institutes run by the group include a number of engineering colleges, polytechnic institutes, dental college, nursing colleges, hospitals & schools. The group has interests in other sectors like fishing harbor, cement, milk, bottled water and iron & steel etc.
