Income Tax - As you are aware that provisions of Section 153A of the Income Tax Act, 1961 deals with assessment of an assessee in searched cases u/s. 132 of the IT Act, 1961. The Assessing Officer in this section allowed to assess income of an assessee for previous six assessment years preceding assessment year in which search […]...
Read MoreIncome Tax - On the conclusion of search/survey, the assessment of preceding 6 years is reopened u/s 153A. As per the plain reading of 153A, the assessments earlier made in respect of these years stand abated i.e. shall stand nullified and new proceedings afresh would be done u/s 153A again....
Read MoreIncome Tax - The period of limitation for completion of assessment u/s 153A of the Income Tax Act’ 1961 for the searches conducted on or before 31st Day of March’2021 is governed by the provisions of Section 153B of the act. Even though the Section 153A of the Income Tax Act’ 1961 has been made non applicable for the searches initiated on or aft...
Read MoreIncome Tax - Whether any incriminating material found during the course of an Income Tax Search on any other person can be considered in the assessment under Section 153A of the assessee – A study Introduction: Section 153A provides the procedure for completion of assessment in case of a person where a search is initiated under Section 132 [&hel...
Read MoreIncome Tax - Under the Act, the provisions related to income escaping assessment provide that if the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may assess or reassess or recompute the total income for such year under section 147 of the Act by issuing a […]...
Read MorePCIT Vs LKG Builders P. Ltd. (Delhi High Court) - PCIT Vs LKG Builders P. Ltd. (Delhi High Court) Court is of the opinion that the questions of law raised in present appeals have been settled by earlier Division Bench in CIT Vs. Kabul Chawla (supra) and assessment of the respondents had attained finality prior to the date of search and no incrimina...
Read MoreAmitbhai Manubhai Kachadiya Vs DCIT (ITAT Surat) - Since no incriminating material was found during the course of search, as regards the additions made u/s.68 of the Income Tax Act, therefore, no additions could be made....
Read MoreACIT Vs Dr. P. S. Prasad (ITAT Hyderabad) - ACIT Vs Dr. P. S. Prasad (ITAT Hyderabad) Learned CIT-DR vehemently reiterated the Revenue’s foregoing pleadings that the issuance of Section 143(2) notice is nowhere mandatory in Section 153A proceedings initiated in furtherance to a search in light of the various case law cited therein. We find ...
Read MoreDCIT Vs Rashmi Float Glass Ltd. (ITAT Kolkata) - DCIT Vs Rashmi Float Glass Ltd. (ITAT Kolkata) We find that the only addition made is of share application received u/s 68 of the Act and addition of commission paid allegedly for the share application money and finally a disallowance u/s 14A of the Act. No incriminating material has been found duri...
Read MoreTirupati Construction Company Vs Income Tax Office & Anr. (Rajasthan High Court) - The pertinent assertion of learned counsel Shri Gargieya is that the assessing authority could not have adopted the procedure provided under Section 148 of the Income Tax Act for reopening the assessment of the petitioner because such action was taken on the basis of facts revealed to the assessing ...
Read MoreTBA - Assessment Instruction No. 12 - (12/09/2019) - Availability of Miscellaneous Functionalities related to ‘Selection of Case of Search Year’ and ‘Relevant Search Years’ in Assessment module of Income Tax Business Application (ITBA)- reg. ITBA – Assessment Instruction No. 12 DIRECTORATE OF INCOME TAX (SYSTEM) ARA Cente...
Read MorePCIT Vs LKG Builders P. Ltd. (Delhi High Court) -
Amitbhai Manubhai Kachadiya Vs DCIT (ITAT Surat) -
ACIT Vs Dr. P. S. Prasad (ITAT Hyderabad) -
DCIT Vs Rashmi Float Glass Ltd. (ITAT Kolkata) -
Tirupati Construction Company Vs Income Tax Office & Anr. (Rajasthan High Court) -
DCIT Vs Mapsa Tapes Pvt. Ltd. (ITAT Delhi) -
Arch Pharmalabs Ltd. Vs ACIT (ITAT Mumbai) -