section 132

Issue of section 131(1A) notice after conclusion of Income Tax Search & Seizure

Income Tax - Issuance of notice under section 131(1A) of the Income Tax Act, 1961 after conclusion of Income Tax Search and Seizure under section 132 of the Income Tax Act, 1961. Introduction: Ever since the enactment of the original Income-tax statute of 1922, the Income-tax authorities have been vested with certain powers that are coterminous with t...

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Can Income Tax survey be converted into Search & Seizure

Income Tax - Whether an Income Tax survey proceedings u/s 133A of the Income Tax Act’1961 can be converted into an Income Tax Search and Seizure action u/s 132 of the Income Tax Act ‘1961 I. Introduction: It is seen in practice that in course of search and seizure action on large business houses u/s 132 of the […]...

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Validity of Statement on Oath

Income Tax - Statements on oath are recorded by officers u/s 131(1) and 132(4) of Income Tax Act. The article analyses with the help of judicial pronouncements how to record proper statements backed by credible evidence without any threat or coercion. These statements serve as a crucial piece of evidence necessary for making sustainable additions in a...

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Analysis of Issues In Income Tax Search & Seizure Operations

Income Tax - Article covers 5 Issues In Income Tax Search & Seizure Operations which includes Issues In Income Tax Search & Seizure Operations  Search Assessment 1. Where the Assessing Officer of the Searched and Other Person Is Same 2. Whether the Assessee Can Lodge the New Claims, Claim Deductions and claim Reliefs 3. Whether Notice Under S...

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How to prevent Income Tax Raids, Searches & Seizures

Income Tax - What leads to income tax raids, searches and seizures? The main reasons are non-compliance with summons under Section 131(1) of the Income Tax Act, 1961, (hereinafter referred to as the Act) or a notice under Section 142(1) of the Act (described in Chapter VII, infra), likely non-compliance with such summons or notice, or the possession ...

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CBDT directed to re-opening of all cases under the search and seizure label and those claimed deduction u/s. 80IB, 80A

Income Tax - The Central Board of Direct Taxes ( CBDT) has directed re-opening of all cases under the search and seizure label, income-escaping assessments and deductions claimed from profits and gains on all eligible businesses....

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No Addition against Individual family Member, for Gold/ Silver Belonging to Entire Family

Shri Pankaj Ladha Vs DCIT (ITAT Jaipur) - The issue under consideration is whether the addition can be made against an individual member of the family, even if the that gold in possession belongs to entire family?...

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Onus on Revenue to prove Assessee Paid Donation to College in Cash

Shri Sulekh Chand Singhal Vs ACIT (ITAT Delhi) - The issue under consideration is whether the addition made by AO merely based on the statement recorded under section 132(4) of the I.T. Act is justified in law?...

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ITAT remits back case of Actor Dulquer Salmann to AO

ACIT Vs. Shri Dulquer Salmann (ITAT Chennai) - ITAT Remit Back the case of Actor Dulquer Salmann (Assessee)  back to Assessing Officer (AO) as Information reconciling  source for investments which were added as undisclosed income were placed before it but not placed before AO....

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Satisfaction note should be recorded separately for assessee searched u/s 132

ACIT Vs Gracious Project Pvt. Ltd. (ITAT Delhi) - The assessee challenged the jurisdiction as the Assessing Officer has not given any separate satisfaction for the assessee and only a mechanical satisfaction was recorded....

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Explained Jewellery cannot be included while giving benefit of CBDT Instruction related to Unexplained Jewellery

Shri Ram Prakash Mahawar Vs DCIT (ITAT Jaipur) - 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....

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Adjustment of Seized cash against advance tax- Explanation 2 to Section 132B is prospective in nature: CBDT

Circular No. 20/2017-Income Tax - (12/06/2017) - Dispute arose between the Department and the assessees with regard to adjustment of such seized/requisitioned cash against advance tax liability etc. Several Courts held that on an application made by the assessee, the seized money is to be adjusted against the advance tax liability of the assessee....

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Recent Posts in "section 132"

Issue of section 131(1A) notice after conclusion of Income Tax Search & Seizure

Issuance of notice under section 131(1A) of the Income Tax Act, 1961 after conclusion of Income Tax Search and Seizure under section 132 of the Income Tax Act, 1961. Introduction: Ever since the enactment of the original Income-tax statute of 1922, the Income-tax authorities have been vested with certain powers that are coterminous with t...

Read More
Posted Under: Income Tax |

No Addition against Individual family Member, for Gold/ Silver Belonging to Entire Family

Shri Pankaj Ladha Vs DCIT (ITAT Jaipur)

The issue under consideration is whether the addition can be made against an individual member of the family, even if the that gold in possession belongs to entire family?...

Read More

Can Income Tax survey be converted into Search & Seizure

Whether an Income Tax survey proceedings u/s 133A of the Income Tax Act’1961 can be converted into an Income Tax Search and Seizure action u/s 132 of the Income Tax Act ‘1961 I. Introduction: It is seen in practice that in course of search and seizure action on large business houses u/s 132 of the […]...

Read More
Posted Under: Income Tax |

Onus on Revenue to prove Assessee Paid Donation to College in Cash

Shri Sulekh Chand Singhal Vs ACIT (ITAT Delhi)

The issue under consideration is whether the addition made by AO merely based on the statement recorded under section 132(4) of the I.T. Act is justified in law?...

Read More

Validity of Statement on Oath

Statements on oath are recorded by officers u/s 131(1) and 132(4) of Income Tax Act. The article analyses with the help of judicial pronouncements how to record proper statements backed by credible evidence without any threat or coercion. These statements serve as a crucial piece of evidence necessary for making sustainable additions in a...

Read More
Posted Under: Income Tax |

Analysis of Issues In Income Tax Search & Seizure Operations

Article covers 5 Issues In Income Tax Search & Seizure Operations which includes Issues In Income Tax Search & Seizure Operations  Search Assessment 1. Where the Assessing Officer of the Searched and Other Person Is Same 2. Whether the Assessee Can Lodge the New Claims, Claim Deductions and claim Reliefs 3. Whether Notice Under S...

Read More
Posted Under: Income Tax |

ITAT remits back case of Actor Dulquer Salmann to AO

ACIT Vs. Shri Dulquer Salmann (ITAT Chennai)

ITAT Remit Back the case of Actor Dulquer Salmann (Assessee)  back to Assessing Officer (AO) as Information reconciling  source for investments which were added as undisclosed income were placed before it but not placed before AO....

Read More

Satisfaction note should be recorded separately for assessee searched u/s 132

ACIT Vs Gracious Project Pvt. Ltd. (ITAT Delhi)

The assessee challenged the jurisdiction as the Assessing Officer has not given any separate satisfaction for the assessee and only a mechanical satisfaction was recorded....

Read More

How to prevent Income Tax Raids, Searches & Seizures

What leads to income tax raids, searches and seizures? The main reasons are non-compliance with summons under Section 131(1) of the Income Tax Act, 1961, (hereinafter referred to as the Act) or a notice under Section 142(1) of the Act (described in Chapter VII, infra), likely non-compliance with such summons or notice, or the possession ...

Read More
Posted Under: Income Tax | ,

Explained Jewellery cannot be included while giving benefit of CBDT Instruction related to Unexplained Jewellery

Shri Ram Prakash Mahawar Vs DCIT (ITAT Jaipur)

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....

Read More

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