TaxGuru Newsletter Subscription
Information You Can Rely On.
Income Tax - Section 153 A of the Income-tax Act, 1961 provides for the scheme of assessment of income in case of a searched person. In terms of the said section, the Assessing Officer can frame assessment of a searched person for six assessment years immediately preceding the year of search. One of such facet is whether while […]...
Read MoreIncome Tax - It is proposed to amend the time limit for completion of assessments made under section 153A or section 153C cases to bring it in sync with the new time limits provided for other cases. In order to simplify the provisions of existing section 1 53B by retaining only those provisions that are relevant to the current provisions of the Act, s...
Read MoreIncome Tax - a person other than the person referred to in section 153A, then, the books of account or documents or assets, seized or requisitioned shall be handed over to the Assessing Officer having jurisdiction over such other person ] and that Assessing Officer shall proceed against ...
Read MoreIncome Tax - Introduction-: 1. Search u/s 132 is the sharpest weapon in the hands of Income Tax Dept. Thus a sharpest weapon must be used with great care as well. The law, as developed, in relation to section 153A is with the SOLE objective to achieve the purpose of safeguarding the interest of revenue and the rights […]...
Read MoreIncome Tax - Section 153C- Budget 2015- Assessment of income of a person other than the person in whose case search has been initiated or books of account, other documents or assets have been requisitioned Section 153C of the Act relates to assessment of income of any other person. The existing provisions contained in sub-section (1) of the […]...
Read MorePankaj Sharma Vs DCIT (ITAT Delhi) - Assessment made by AO under section 153A was was barred by limitation as though assessment order was dated 28-3-2013, however, it was served on assessee on 18-4-2013, i.e., after expiry of period on which assessment order was liable to be time-barred as per section 153, i.e., 31-3-2013. ...
Read MoreShri Raju J Soomaney Vs ACIT (ITAT Mumbai) - Since assessment originally made was unabated on the date of search and assessment under section 153A was framed without any incriminating material found during the course of search,therefore, the same was not valid....
Read MoreDCIT Vs Abhishek Atlani (ITAT Raipur) - Since AO made addition under section 153 on the basis of documents seized in case of third party but without mentioning of assesse’s name in any legal paper and non-establishment of relationship with searched party, therefore, the same was invalid....
Read MoreBithal Dass Mundra Vs DCIT (ITAT Jaipur) - Once assessee had undisputedly not filed the return of income U/s 139(1) then AO was well within his powers and jurisdiction to issue a notice U/s 142(1) requiring assessee to furnish return of income in the prescribed form and verified in prescribed manner, therefore, the notice issued u/s 142(1) w...
Read MoreACIT Vs Varun Beverages Ltd. (ITAT Delhi) - Addition in respect of completed assessments u/s 153A be made solely on the basis of post search enquiry when no incriminating material was unearthed during search is not valid. ...
Read MorePankaj Sharma Vs DCIT (ITAT Delhi) -
Shri Raju J Soomaney Vs ACIT (ITAT Mumbai) -
DCIT Vs Abhishek Atlani (ITAT Raipur) -
Bithal Dass Mundra Vs DCIT (ITAT Jaipur) -
ACIT Vs Varun Beverages Ltd. (ITAT Delhi) -
DCIT Vs United Stock Exchange of India Ltd. (ITAT Mumbai) -
Shrikant Mohta Vs CIT (Calcutta High Court) -
ATS Infrastructure Ltd. Vs ACIT (ITAT Delhi) -
M/s OSE Infrastructure Ltd. Vs ACIT (ITAT Delhi) -
