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 MoreATS Infrastructure Ltd. Vs ACIT (ITAT Delhi) - ATS Infrastructure Ltd. Vs ACIT (ITAT Delhi) Completed assessments can be interfered with while making assessment under section 153A only on the basis of some incriminating material unearthed during search or requisition of documents or undisclosed income or property discovered in the course of sear...
Read MoreM/s OSE Infrastructure Ltd. Vs ACIT (ITAT Delhi) - M/s OSE Infrastructure Ltd. Vs ACIT (ITAT Delhi) When the revised return is accepted and the income is assessed as per the revised income, there is no scope for penalty. In the case of Kirit Dahyabhai Patel vs ACIT, (2017) 80 Taxmann.com 162 (Guj), the Hon’ble High Court held that in view of spe...
Read MoreLord Krishna Dwellers (P) Ltd. Vs DCIT (ITAT Delhi) - Advocate Akhilesh Kumar Sah Lord Krishna Dwellers (P) Ltd. Vs DCIT (ITAT Delhi) Lord Krishna Dwellers case: Purchases of land reflected in the seized sale deeds duly recorded in the regular books of account, documents seized relating to same during the course of search cannot be considered as incri...
Read MoreRegency Mahavir Properties v. ACIT (ITAT Mumbai) - Where valid search was not conducted at assessee’s business premises then until and unless AO assumes valid jurisdiction under section 153A, assessment, therefore, made in consequence of notice issued under section 153A, was invalid and void ab initio....
Read MoreMoon Beverages Ltd. Vs. ACIT (ITAT Delhi) - Since no assessment was pending on the date of search and addition had been made on basis of post-search enquiries and statements recorded under section 132(4) on various persons, therefore, AO had no power to assume jurisdiction under provisions of section 153A as no incriminating material was foun...
Read MoreATS Infrastructure Ltd. Vs ACIT (ITAT Delhi) -
M/s OSE Infrastructure Ltd. Vs ACIT (ITAT Delhi) -
Lord Krishna Dwellers (P) Ltd. Vs DCIT (ITAT Delhi) -
Regency Mahavir Properties v. ACIT (ITAT Mumbai) -
Moon Beverages Ltd. Vs. ACIT (ITAT Delhi) -
Pr. CIT Vs. Vijay Infrastructure Ltd. (Allahabad High Court) -
Moon Beverages Ltd. Vs ACIT (ITAT Delhi) -
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CIT Vs M/s. SKS Ispat & Power Limited (Bombay High Court) -