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 : Learn about the new block assessment provisions for cases involving searches under section 132 and requisitions under section 132A...
Income Tax : ITAT Ahmedabad held that addition merely on the basis of retracted statement without any incriminating material seized from assess...
Income Tax : Delhi High Court held that in case of search, block period of ten years for search assessment, would not be attracted in case the ...
Income Tax : ITAT Delhi held that addition towards excess stock merely on the basis of recorded statements and without any corroborative eviden...
Income Tax : Bombay HC dismisses Revenue's appeal in PCIT Vs Timblo Private Limited, stating additions based on seized diary without corrobora...
Income Tax : Kerala High Court held that when a property kept not for trade, but for an investment purpose is sold, the gain has to fall under ...
Income Tax : Availability of Miscellaneous Functionalities related to ‘Selection of Case of Search Year’ and ‘Relevant Search...
DCIT Vs Mapsa Tapes Pvt. Ltd. (ITAT Delhi) Facts-Assessment u/s 153C was challenged on the grounds that assessment order dated 31.3.2016 u/s 153C/143(3) was passed without dropping the proceedings initiated vide notice dated 8.9.2015 under section 153A of the Act and disposing off the objection filed by the assessee to initiation of assessment proceedings. Further, […]
On the conclusion of search/survey, the assessment of preceding 6 years is reopened u/s 153A. As per the plain reading of 153A, the assessments earlier made in respect of these years stand abated i.e. shall stand nullified and new proceedings afresh would be done u/s 153A again.
The period of limitation for completion of assessment u/s 153A of the Income Tax Act’ 1961 for the searches conducted on or before 31st Day of March’2021 is governed by the provisions of Section 153B of the act. Even though the Section 153A of the Income Tax Act’ 1961 has been made non applicable for the searches initiated on or after the 1st Day of April’2021.
Approval granted by superior authority in mechanical manner solely relying upon the implied undertaking obtained from AO in the form of draft assessment order, defeated the very purpose of obtaining approval under section 153D and consequently, impugned assessment relatable to search was non est and a nullity and was, therefore, quashed.
Understanding the assessment under Section 153A of the Income Tax Act. Can incriminating material found during a search on another person be considered?
PCIT Vs Delhi International (Karnataka High Court) Facts- Assessment orders were passed u/s 143(3) read with 153A, in consequence to a search and seizure operation conducted at the premises of the assessee. The AO made certain additions and demanded tax thereon. The said assessment orders were challenged by the assessee before the Commissioner (Appeals), the […]
Smt. Smrutisudha Nayak Vs Union of India (Orissa High Court) Orissa High Court held that assessment proceedings cannot be initiated if no incriminating materials are seized at the time of the search. Smrutisudha Nayak (Petitioner”)filed the petition challenging the initiation of the assessment proceedings under Section 153A of the Income Tax Act, 1961 (IT Act). […]
If the party who is seeking condonation of delay has not acted in malafide manner and reasons explained are factually correct then the Court should be liberal in construing the sufficient cause and lean in favour of such party.
Action of the Ld. CIT(A) in confirming the addition of Rs.75 lakhs on the basis of sole statement of one dummy director, recorded during the survey action in case of that company, without confronting the same to the assessee, cannot be held to be justified.
ACIT Vs Prakash Industries Ltd. (ITAT Delhi) Any incriminating material or documents found during the course of first search cannot be utilized while framing the assessments in pursuance of the second search in case of no assessment order passed consequence of first search Here in this case, in the letter dated 10.03.2021 filed by the […]
