Income Tax : Delve into the provisions of Income Tax Act Sections 153A & 153C, governing assessments after search or requisition. Learn from co...
Corporate Law : Explore recent Uttarakhand High Court judgment quashing an FIR under Section 153A IPC. Analysis reveals lack of evidence for disha...
Income Tax : Core issue involved in the appeals is the scope of assessment u/s 153A. question posed for consideration is, as to whether in resp...
Income Tax : Budget 2023 aligns timeline under section 153 of Income Tax Act. Learn more about the 2016 Finance Acts reduced assessment order p...
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 case...
Income Tax : In the case of Mewar Hospital Pvt. Ltd. Vs ACIT (ITAT Jodhpur), Bench ruled no addition for explained demonetization currency depo...
Income Tax : Delhi High Court dismisses Income Tax Department's appeal in PCIT Vs Satya Prakash Gupta case, finding no evidence of commission r...
Income Tax : Income Tax Settlement Commission (ITSC) had authority to make additions to the declared income of taxpayers as ITSC's role was not...
Income Tax : Section 54 deduction was allowable on cash transactions involving residential property as it was ensured that genuine investments ...
Income Tax : Read the full text of the ITAT Mumbai order in DCIT vs. Dilip B. Jiwrajka covering appeals against additions of unexplained income...
Income Tax : Availability of Miscellaneous Functionalities related to ‘Selection of Case of Search Year’ and ‘Relevant Search...
ITAT Chennai held that undisclosed income allegation unsustainable as during search no incriminating material was found in respect of on-money receipt and AO also failed to establish the receipt of the same.
PCIT Vs Meeta Gutgutia Prop. M/s. Ferns ‘N’ Petals (Delhi High Court) There is no such statement in the present case which can be said to constitute an admission by the Assessee of a failure to record any transaction in the accounts of the Assessee for the AYs in question. On the contrary, the Assessee […]
Dy.C.I.T Vs Ashok Developers & Builders Ltd (ITAT Hyderabad) It is an admitted fact that a search & seizure operation took place in the premises of the assessee on 18.02.2016 and certain incriminating documents were found and seized. We find the AO in the order passed u/s 143(3) r.w.s. 153A of the Act determined the […]
PCIT Vs Gautam Bhalla (Delhi High Court) Appellant states that the ITAT has erred in holding that the addition which was not based on incriminating material found during the search, could not be made the basis for an assessment order under section 153A of the Income Tax Act, 1961 without going into merits of the […]
Regular books of accounts maintained by assessee in tally software, now being referred by Revenue, to justify impugned addition did not constitute incriminating material unearthed during search.
If no incriminating material found during Income Tax search in respect of an issue, no addition for such issue can be made Sections 153A/153C
AGM Properties P. Ltd Vs ACIT (ITAT Delhi) To recapitulate the facts, it is an admitted position that for AY 2013-14 the assessee had originally filed its return of income under section 139(1) of the Act on 15.11.2014 and assessment under section 143(1) of the Act was completed on 15.11.2013. The time limit for issuance […]
Held that in the present case the approving authority has acted casually and granted the approval u/s. 153D in a mechanical manner without judicious exercise of power. According, approval granted u/s 153D was quashed and consequently the assessment order u/s 153A was also quashed.
Sanjeevkumar S/o Biharilal Kabra Vs Union of India (Bombay High Court) 1. The matter is placed on board for speaking to minutes in respect of order dated 22.04.2022 passed by this Court. 2. The learned counsel for the petitioners seeks clarification of the order, more particularly in so far as directions issued in paragraph no.43 […]
Short term capital loss not claimed while filing return u/s 139(1). Loss was claimed for the first time via return u/s 153A. Claim denied according to provisions of section 80.
