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Section 153A

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Section 153A & 153C of Income Tax Act: Analysis & Implications

Income Tax : Delve into the provisions of Income Tax Act Sections 153A & 153C, governing assessments after search or requisition. Learn from co...

February 8, 2024 4413 Views 0 comment Print

Uttarakhand HC Quashes FIR U/S 153A IPC: No Proof of Disharmony

Corporate Law : Explore recent Uttarakhand High Court judgment quashing an FIR under Section 153A IPC. Analysis reveals lack of evidence for disha...

December 30, 2023 336 Views 0 comment Print

Completed/Unabated Assessments – No Addition if no Incriminating Material Found During Search: SC

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...

April 25, 2023 2808 Views 0 comment Print

Budget 2023 aligns timeline under section 153 of Income Tax Act

Income Tax : Budget 2023 aligns timeline under section 153 of Income Tax Act. Learn more about the 2016 Finance Acts reduced assessment order p...

February 5, 2023 15396 Views 0 comment Print

Some Important Facts Related To Assessment Under Section 153A of Income Tax Act, 1961

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...

March 4, 2022 20892 Views 0 comment Print

Latest Judiciary

Material gathered in search with no correlation to assessee cannot be said to pertain to assessee

Income Tax : Delhi High Court held that the documents which were seized during the course of search does was unsigned Agreement to sell (ATS) w...

May 14, 2024 465 Views 0 comment Print

ITAT Deletes Addition After Taxpayer Explains Capital Enhancement Source

Income Tax : ITAT Delhi deletes Rs. 89.7 Lakhs addition u/s 68 IT Act in ACIT vs. Daya Rani. Detailed analysis of taxpayer's explanation for ca...

May 12, 2024 303 Views 0 comment Print

ITAT confirms 12.5% gross profit margin on alleged bogus purchases

Income Tax : In DCIT Vs Nilesh Shantilal Tank case, Mumbai ITAT confirms 12.5% gross profit margin on alleged bogus purchases as sales remain u...

May 9, 2024 429 Views 0 comment Print

Assessment Based on Mere Unverified Third Party Statement Bad in Law: ITAT Mumbai

Income Tax : Analysis of Kundal Raghubir Bhandari Vs ITO (ITAT Mumbai) case reveals flaws in assessment based on unverified third-party stateme...

May 5, 2024 3441 Views 0 comment Print

Section 132(1) search authorization Warrant was qua ‘premises’ & not qua ‘assessee’

Income Tax : Search warrant is issued regarding premises and not necessarily regarding an assessee, and a common search warrant and panchnama i...

May 5, 2024 513 Views 0 comment Print

Latest Notifications

Selection of Case of Search Years in ITBA Assessment module

Income Tax : Availability of Miscellaneous Functionalities related to ‘Selection of Case of Search Year’ and ‘Relevant Search...

September 12, 2019 2049 Views 0 comment Print

WOA in joint names of different individuals can lead to a valid assessment/s u/s.153A

March 19, 2013 732 Views 0 comment Print

The assessee has placed reliance on some decisions. However, as afore-stated, the matter is purely factual, i.e., based on primary facts on which inference as to a finding of fact, i.e., the explanation with regard to that nature and source of credit being satisfactory or not, keeping the entirety of the facts and circumstances of the case into account, is to be drawn. The decisions cited by the assessee have been with reference to the one of positive inference.

Search Assessment after completion of time for completion is invalid

February 15, 2013 588 Views 0 comment Print

Going by the admitted facts herein, as noticed in the assessment order that the assessee was also subjected to search on 19.1.1996 and the case of the assessee falling under Section 158BC, the relevant provision for limitation would be only as per Section 158BE(1)(a). That being the case, the file noting has no significance for the purpose of working out the limitation. Thus, on the search conducted on 19.1.1996 the notice of assessment was issued on 20.9.1996.

Search cannot be initiated on the basis of surmises, assumptions, presumption or conjectures

February 15, 2013 1966 Views 0 comment Print

In the present case, we find that the so-called information is undisclosed and what exactly that information was, is also not known. At one place in the affidavit of Deputy Director of Income-tax, it has been mentioned that he got information that there was a likelihood of the documents belonging to the DS Group being found at the residence of the petitioner. That by itself would amount only to a surmise and conjecture and not to solid information and since the search on the premises of the petitioner was founded on this so-called information, the search would have to be held to be arbitrary. It may also be pointed out that when the search was conducted on 21.01.2011, no documents belonging to the DS Group were, in fact, found at the premises of the petitioner.

Surrender of income to buy peace of mind is plausible explanation to avoid penalty for concealment

February 7, 2013 4766 Views 0 comment Print

Learned counsel for the appellant submitted that in the facts and circumstances of the case no penalty was leviable as the appellant itself had surrendered the said amount representing the difference in the sundry creditors in order to buy peace. He, thus, submitted that there was no concealment of income so as to warrant levy of penalty under Section 271(1)(c) of the Act.

If no incriminating material seized during search, addition in block assessment not justified

February 7, 2013 1436 Views 0 comment Print

As regards investment made in thandal business, there are no materials seized at the time of search of the assessee’s premises, to make this as a subject matter of block assessment. When the revenue does not dispute the fact that the assessee had been doing the business along with two others, there was no justifiable ground to assess Rs. 27 lakhs at the hands of the assessee.

Mere filing of return u/s. sec. 153A not sufficient to escape penalty for concealment

February 6, 2013 3673 Views 0 comment Print

After the search and the statement recorded under section 132(4), the assessee, on being issued with notice under section 153A did not file any return. The notice under section 153A was issued on 20-7-2006. It was only when assessment proceedings were taken up for consideration, did the assessee, by letter dated 14-8-2007, request that its return, filed on 31-10-2005,

Deduction not claimed in Return U/s. 139(1) can be claimed in Return filed U/s.153A

February 4, 2013 9210 Views 0 comment Print

In the present case, the assessees being the builders, had the option to recognize their income either on percentage completion method or on project completion method. Therefore, it was not certain to hold that the assessees were liable at all to file returns under section 139(1). Whether the assessees had recognized their income for the impugned assessment years is also not clear. The returns were filed after search made under section 132 but before the issue of notice under section 153A.

Search warrant can be cancelled by HC if satisfaction of authority issuing search warrant is due to mala fide reasons

February 3, 2013 1354 Views 0 comment Print

There is no doubt that the authority concerned, who issues the warrant for searches and seizure, ought to have the necessary materials before him to have a reason to believe that an order for search and seizure is warranted. However, it is clear that if certain materials are available before the authority concerned to arrive at his conclusion, then it is not for this Court to examine as to whether there were sufficient materials or grounds to arrive at such a conclusion.

Validity of Assessment U/s. 153A can’t be challenged on hardship ground

February 2, 2013 897 Views 0 comment Print

Section 153A of the Act was introduced by the Finance Act, 2003 w.e.f. 01.06.2003 and it provides for assessment in the case of search or requisition. It is mandatory for the assessing officer, whenever there is a search under section 132, to issue notice to the person searched requiring him to furnish the returns of income for the six assessment years immediately preceding the assessment year relevant to the previous year in which the search was conducted.

Deduction u/s. 80-IA(4) available if assessee develops the infrastructure facility but do not operate or maintain the same

December 27, 2012 1930 Views 0 comment Print

We find that, the AO accepts that the assessee is an infrastructure developer. But we look into the main objection of the AO that being a developer by itself is not enough to avail the deduction, but the assessee should have maintained, operated and handed it back to the government.

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