section 132 - Page 2

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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Survey cannot be converted into search without recording satisfaction

Pawan Kumar Goel Vs Union of India (Punjab and Haryana HC)

In case there was only a survey operation under section 131 and no proceedings were pending at that point of time in assessee's case, exercising power of search under section 132 by income tax authorities without any satisfaction recorded either of non-­cooperation of assessee or a suspicion that income had been concealed by assessee war...

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Search and Survey operations

Search and survey operations are conducted by the Income Tax Department defined as raid, where the department suspects an individual or business for hoarding illegal money. Powers to carry out search under section 132 and survey under section 133A are important tools in the armory of the Income Tax Department for detecting and preventing ...

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Addition cannot be made merely based on statement recorded U/s. 132(4)

B.R. Associates Pvt. Ltd. Vs ACIT (ITAT Delhi)

B.R. Associates Pvt. Ltd. Vs ACIT (ITAT Delhi) In absence of adverse material found during search, no addition could be made merely on the basis of statement recorded under section 132(4) of Income Tax Act, 1961 which did not constitute conclusive evidence and having been given under pressure was immediately retracted. Additions made u/s ...

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Addition for Capitation Fee should be made against collages instead of Parents

Shri R. Bhoopathy Vs CIT (Madras High Court)

Shri R. Bhoopathy Vs CIT (Madras High Court) he scourge of Capitation Fee by Medical and Engineering Colleges is an infamous and thoroughly extortionist act that is going on in the education sector in our country and it is almost a known fact that these so called Educational Institutions act more like Business Houses rather […]...

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Company Eligible for deduction of expense on Vehicle Registered in the name of Director

DCIT Vs M/s. Deversons Industries Pvt.Ltd. (ITAT Ahmedabad)

DCIT Vs M/s. Deversons Industries Pvt.Ltd. (ITAT Ahmedabad) The Assessing Officer during the assessment proceedings found that the vehicles were registered in the individual name of the Directors. But the assessee claimed the depreciation and the vehicle expenses in its income-tax return. However, the Assessing Officer was of the view tha...

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Retraction of statement after inordinate delay looses its significance

Bannalal Jat Construction Pvt. Ltd. Vs ACIT (ITAT Jaipur)

Retraction of statement after inordinate delay without proving that same was obtained forcefully/by coercion/undue influence is clearly an after-thought and looses its significance. ...

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Statement U/s. 132(4) Whether binding upon assessee or not

Pr. CIT Vs Manoj Hora (Delhi High Court)

Principal CIT Vs Manoj Hora (Delhi High Court) The text of section 132(4), clarifies that the presumption arises in the case of the searched party. In case the statements by the party whose premises are searched, or to be attributed to a third party – as in the case of the assessee, there has to […]...

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Section 132A: SC on Disclosure of ‘reason to believe’ or ‘reason to suspect’

M/s N. K. Jewellers Vs CIT (Supreme Court of India)

The present appeal arises out of the order dated 23rd February, 2007 in ITA No.236/2007 passed by the Delhi High Court whereby the High Court has held that no substantial question of law arose for its consideration and it was merely a matter decided on the evidence on record....

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September 2021