section 132 - Page 4

SC on Principles for Formation of opinion for issuing warrant of authorization U/s. 132

DGIT (Investigation) Pune & Ors. Vs M/s. Spacewood Furnishers Pvt. Ltd. & Ors. (Supreme Court of India)

The issues that arise in the present appeal lie within a short circumference. As the warrant of authorization under Section 132, which is required to be founded on a reasonable belief of the authorized official regarding the existence of the conditions precedent to the exercise of the power to issue the same...

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Penalty u/s 271(1)(c) should not be levied on the amount which was voluntarily surrendered by the assessee during survey

ITO Vs M/s Indian & Overseas Trading Co. (ITAT Lucknow)

It is evident from the record that surrender was made during the course of survey by the assessee and furnished the return of income declaring additional income and paid the tax thereon. Nothing has been brought out on record by the Assessing Officer that the surrender was made when the assessee was cornered by the Assessing Officer. ...

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Cash seized during search cannot be adjusted against advance-tax liability

DCIT Vs Spaze Tower Pvt. Ltd (ITAT Delhi)

As per provisions of section 132B of the Act the assets seized u/s 132 or requisitioned u/s 132A may be adjusted towards the amount of any "existing liability". The Explanation 2 attach to section 132B of the Act clarifies that for removal of doubts it is hereby declared that the "existing liability"...

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No addition in respect of concluded assessments unless some incriminating material was found during search

Sanjay Aggarwal Vs DCIT (ITAT Delhi)

Where a search is initiated u/s 132 of the Act etc., the A.O shall issue a notice requiring the person searched etc. to furnish his return of income in respect of each assessment year falling within six assessment years immediately preceding the assessment year relevant to the previous year...

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Penalty on Undisclosed Income unearthed during Search & Survey

The legislature has intentionally drafted the provisions relating to Search and Survey in the statue book of Income Tax Act, 1961 with the target of unearthing the undisclosed income of any person in form of any money, bullion, jewellery or other valuable article or thing. ...

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Deduction U/s. 80-IB(10) available on additional income offered u/s 132(4) in return filed u/s 153A

Malpani Estates Vs ACIT (ITAT Pune)

The appellant is a partnership firm engaged in construction business which was subject to a search action u/s 132(1) of the Act on 06.10.2009. In the course of search, Shri Rajesh Malpani, partner of the assessee firm in a statement recorded u/s 132(4) of the Act on 03.12.2009...

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Search based on 3rd Party Information but not based on reasons U/s. 132(1) is invalid

Shri Parma Ram Bhakar Vs. The DCIT (ITAT Jodhpur)

Section 132 contemplates existence of certain eventualities in the event of existence where of the competent authority should have reason to believe the existence of the circumstances mentioned in clause (a) to (c) of sub-section (1) of Section 132 of the Act ...

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No Addition based on mere statement recorded u/s 132(4) in the absence of Supporting evidences

ACIT Vs Shri Dharam Pal Gulati (ITAT Delhi)

A search and seizure operation was carried out at the premises of the assessee on 22.11.2006. Assessee is an individual filed the return of income at Rs.5,88,06,735/- on 02.09.2008. This amount included undisclosed investment in jewellery of Rs. 12,85,777/-...

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Assessment of person not searched can be carried out u/s 158BD only by issue of proper notice

Commissioner of Income Tax Vs. Nilesh S Raithatha (Gujarat High Court at Ahmedabad)

Search operation was carried out in one M/s. G.B. & Company under section 132. Though the premises of the assessee were also searched during search operations, the same were in the capacity of an employee of the said company and not in individual capacity. ...

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Centralisation of cases after giving Proper Opportunity to Assessee is valid

Shree Ram Vessel Scrap Pvt. Ltd. Vs Commissioner of Income Tax- VI (Gujarat High Court)

In the present case, we notice that that petitioners belonged to the same family or group. They were subjected to common search operation. Their assessments were therefore, under proposal for transfer. A show cause notice was issued to all of them in which the Commissioner called upon them to explain why the cases should not be centralise...

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September 2021