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...
ACIT Vs Rameshbhai Jivrajbhai Desai (ITAT Ahmedabad) During the course of assessment proceedings, the Assessing Officer initiated penalty proceedings under Section 271(1)(c) of the Act. The Ld. AR submitted that the assessment order passed under Section 153A of the Act was held to be void ab initio and thus there is no addition in the […]
Vivimed Labs Limited Vs ACIT (ITAT Hyderabad) hon’ble apex court’s landmark decision in CIT Vs. Sinhaghad Technical Educational Society (2017) 84 com 290 (SC) that no such proceedings initiated u/s 153A of the Act sustainable in law for want of incriminating material found or seized during the course of search. We make it clear that […]
DCIT Vs Apple Metal Industries Pvt Ltd (ITAT Delhi) Assessment for Assessment Year 2011-12 was completed after making addition on account of unverified share application money amounting to Rs. 8,70,71,936/- and in Assessment Year 2014-15, addition on account of unverified share capital amounting to Rs. 30,00,600/- was made. The impugned assessment order clearly shows that […]
Section 278 (e) of the Income Tax Act, 1961, empowers the Court to presume culpable mental state of the accused, unless, the accused shows that he had no such mental state with respect to the act charged as an offence in the prosecution.
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 incriminating documents or […]
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.
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 no merit in the Revenue’s instant grievance since […]
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 during the course of […]
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 authority during the assessment of DRA Group at Ahmedabad and the proceedings, if any, would have to be conducted under Section 153A read with Section 153C of the Income Tax Act.
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 […]
