Section 153A

New Procedure for Income escaping & search assessments

Income 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 […]...

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Key Amendments & Highlights under New Faceless Assessment Scheme

Income Tax - This write-up is all about the key amendments introduced by the Hon’ble CBDT vide Notification No. 60 dated 13.08.2020 and Notification No. 61 dated 13.08.2020 modifying the earlier ‘E-assessment Scheme, 2019’ notified on 12.09.2019 and highlights of scheme....

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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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Income tax Search & Seizure : Whether a New Claim can be raised in Income tax Return Filed U/S 153A

Income Tax - Introduction: The provisions of assessment in the case of search u/s. 153A etc. have been inserted by the Finance Act, 2003 with effect from 01.06.2003. These provisions are successor of the special procedure for assessment of search cases under Chapter XIV-B starting with section 158B. Whereas Chapter XIV-B required the assessment of “...

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Jurisdiction Free Assessment under Income Tax Act, 1961

Income Tax - This article is covering in depth knowledge of various types of Jurisdictions, Various types of Assessments under Income Tax Act, 1961 and details of new system i.e. Jurisdiction-Free Assessment which was introduced from 2016. Jurisdiction is prescribed under Section 124 of the Income-tax Act, 1961 and assessment includes Summary assessme...

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Section 143(2) Notice issue not mandatory for completing search assessment

B.Kubendran Vs DCIT (Madras High Court) - Section 153A only states that an assessment in terms thereof shall be completed in terms of the provisions of the Income Tax Act, 1961 as if such return were a return required to be furnished under Section 139. It would thus suffice that in framing an assessment under Section 153A, due regard must b...

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Section 153A Search Assessment- No addition if No incriminating material

Mohd. Atique Vs ACIT (ITAT Indore) - In search assessment, any undisclosed income, which can ultimately be added, is only to the extent of any unrecorded assets/material found or any incriminating documents found as representing undisclosed income earned, since, AO had not made any specific reference to the incriminating material found...

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Search proceedings valid if jurisdictional facts exist for assumption of section 153A & 153C jurisdiction

S. R. Trust Vs ACIT (Madras High Court) - S. R. Trust Vs ACIT (Madras High Court) Conclusion: Search proceedings had been rightly initiated as assessee had nothing to fear, they could as well place all the materials before AO for consideration and more so, the jurisdictional facts exist for assumption of jurisdiction under Section 153A as w...

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Penalty cannot be imposed merely because assessee had made a new claim

PCIT Vs Taneja Developers and Infrastructure Ltd. (Delhi High Court) - PCIT Vs Taneja Developers and Infrastructure Ltd. (Delhi High Court) Tribunal was required to consider, was: whether penalty could be imposed on the assessee only because it had made a new claim [in line with the change in its accounting policy] in its fresh return? Admittedly, [and there is no disp...

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No section 37 addition for expenses not claimed by Assessee

USG Buildwell Pvt. Ltd. Vs Additional CIT (ITAT Delhi) - USG Buildwell Pvt. Ltd. Vs Additional CIT (ITAT Delhi) The Ld. DR submitted that the disallowance u/s 37 on account of additional payment for purchase of land was righty made as the assessee could not establish his case as the expenditure was incurred without any substantial evidence produced before...

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Selection of Case of Search Years in ITBA Assessment module

TBA - 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...

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Section 153A’s Popular Posts

Recent Posts in "Section 153A"

Section 143(2) Notice issue not mandatory for completing search assessment

B.Kubendran Vs DCIT (Madras High Court)

Section 153A only states that an assessment in terms thereof shall be completed in terms of the provisions of the Income Tax Act, 1961 as if such return were a return required to be furnished under Section 139. It would thus suffice that in framing an assessment under Section 153A, due regard must be given to the principles of natural jus...

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Section 153A Search Assessment- No addition if No incriminating material

Mohd. Atique Vs ACIT (ITAT Indore)

In search assessment, any undisclosed income, which can ultimately be added, is only to the extent of any unrecorded assets/material found or any incriminating documents found as representing undisclosed income earned, since, AO had not made any specific reference to the incriminating material found during the search in respect of additio...

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Search proceedings valid if jurisdictional facts exist for assumption of section 153A & 153C jurisdiction

S. R. Trust Vs ACIT (Madras High Court)

S. R. Trust Vs ACIT (Madras High Court) Conclusion: Search proceedings had been rightly initiated as assessee had nothing to fear, they could as well place all the materials before AO for consideration and more so, the jurisdictional facts exist for assumption of jurisdiction under Section 153A as well as Section 153C of the Act. [&hellip...

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Penalty cannot be imposed merely because assessee had made a new claim

PCIT Vs Taneja Developers and Infrastructure Ltd. (Delhi High Court)

PCIT Vs Taneja Developers and Infrastructure Ltd. (Delhi High Court) Tribunal was required to consider, was: whether penalty could be imposed on the assessee only because it had made a new claim [in line with the change in its accounting policy] in its fresh return? Admittedly, [and there is no dispute about it] AS-7 permitted […]...

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No section 37 addition for expenses not claimed by Assessee

USG Buildwell Pvt. Ltd. Vs Additional CIT (ITAT Delhi)

USG Buildwell Pvt. Ltd. Vs Additional CIT (ITAT Delhi) The Ld. DR submitted that the disallowance u/s 37 on account of additional payment for purchase of land was righty made as the assessee could not establish his case as the expenditure was incurred without any substantial evidence produced before the Assessing Officer to that effect [&...

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No Section 2(22)(e) addition if money lending was part of business

M.L. Singhi & Associates (P) Ltd. Vs DCIT (ITAT Delhi)

M.L. Singhi & Associates (P) Ltd. Vs DCIT (ITAT Delhi) No addition could be made against the assessee if no incriminating material was found during the course of search It is not in dispute that whatever queries were raised by the A.O. time to time, have been replied by assessee along with documentary evidences. All […]...

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Absence of satisfaction of AO of searched person must for other person without which jurisdiction assumed under 153C is invalid

Tanvir Collections Pvt. Ltd. Vs ACIT (ITAT Delhi)

Tanvir Collections Pvt. Ltd. Vs ACIT (ITAT Delhi) Absence of satisfaction of AO of searched person must for other person without which jurisdiction assumed under 153C is invalid It is palpable that the AO of Shri B.K. Dhingra, Smt. Poonam Dhingra and M/s Madhusudan Buildcon Pvt. Ltd., did not record any satisfaction that some money, [&hel...

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Section 153C: ITAT directs CIT(A) to examine recording of satisfaction

R.N. Shetty Trust Vs ACIT (ITAT Bangalore)

R.N. Shetty Trust Vs ACIT (ITAT Bangalore) As per Section 153C of the Act, the Assessing Officer of searched person shall proceed against such other person on reaching satisfaction that any undisclosed income belonging to such other person over whom he has no jurisdiction then he has to transmit the seized material to the Assessing [&hell...

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Regular Books of Accounts cannot be termed as Incriminating Material

PCIT Vs Param Dairy Ltd. (Delhi High Court)

Regular Books Of Accounts Maintained By Assessee Can Not Be Termed As Incriminating Material To Frame Assessment Under Section 153A , All Addition On Basis Of Such Material Is Therefore Invalid...

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HC explains validity of invocation of section 153A based on statement recorded in search action against a third person

PCIT Vs Anand Kumar Jain (HUF) (Delhi High Court)

Section 153A Invalid Where Statement Belonging And Pertaining To Person Other Than Searched Person Used To Assume Jurisdiction and Only Section 153C Can Be Invoked And Without Cross Examination Of Witness There Can Be No Valid Proceedings Under Law.   ...

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