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Section 153C of the Act relates to assessment of income of any other person. The existing provisions contained in sub-section (1) of the said section 153C provide that notwithstanding anything contained in section 139, section 147, section 148, section 149, section 151 and section 153, where the Assessing Officer is satisfied that any money, bullion, […]
Time limits set out under section 153, for completing the assessments, reassessments and recomputations, are concerned, is that these time limits do not apply in the cases “where the assessment, reassessment or recomputation is made on the assessee or any person
A bare perusal of the provision contained in Section 153C of the I .T. Act leaves no doubt that, as is provided under Section 158BD, where the Assessing Officer, while proceeding under Section 153A against a person who has been subjected to search and seizure under Section 132(1)
The short dispute arising for consideration in this case relates to the year of assessability of capital gains arising on the property, which was subject matter of a development agreement, i.e. whether it is assessable in the year in which the development agreement was entered
Hon,ble ITAT Agra has held in the case of ACIT Vs. Sunil C Gupta that Cash seized to be adjusted against advance tax liability. Explanation-2 to Section 132B of the Act enacted with effect from 1st June 2013. Hon’ble ITAT has upheld the observations of ld CIT(A) which are as under
CA Sarbjit Garg Debate as to whether CIT has power to assume jurisdiction u/s 263 of the Act in respect of assessments made u/s 153A after obtaining mandatory approval u/s 153D. (The author strongly feels that powers of CIT u/s 263 do not extend to assessments made u/s 153A after obtaining mandatory approval u/s 153D […]
It is well settled that in 153A/C assessments additions cannot be made unless they are based on any incriminating material or inquiries based on such material. It clearly emerges from record that there is neither reference nor reliance on any incriminating material.
Discover the impact of recent amendments to Section 153 of the Income-tax Act, excluding specific periods for assessment and reassessment. Stay informed on the computation of limitation periods, especially in cases involving audits or exchange of information. Effective from 1st June 2013. Consult tax experts for personalized guidance.
If banking facilities are not available at the place where land is purchased no disallowance u/s 40A(3) of the Income Tax Act,1961. Unsubstantiated material found in pen drive cannot be considered as a conclusive evidence to make additions
The unsubstantiated loose sheets cannot be considered as a conclusive evidence to make any addition towards undisclosed income. It was held by the Supreme Court in the case of CBI vs. V.C. Shukla (1998) 3 SCC 410 that ‘file containing loose sheets of papers are not books’ and hence entries therein are not admissible u/s. 34 of the Evidence Act, 1872.
