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Income Tax - In order to protect the interest of the revenue in cases where tangible evidence(s) are found during a search or seizure operation (including 132A cases) and the same is represented in the form of undisclosed investment in any asset, it is proposed that section 153A relating to search assessments be amended to provide that notice under th...
Read MoreIncome Tax - a person other than the person referred to in section 153A, then, the books of account or documents or assets, seized or requisitioned shall be handed over to the Assessing Officer having jurisdiction over such other person ] and that Assessing Officer shall proceed against ...
Read MoreIncome Tax - Completed assessments can be interfered with by the AO while making the assessment under Section 153 A only on the basis of some incriminating material unearthed during the course of search or requisition of documents or undisclosed income or property discovered in the course...
Read MoreIncome Tax - Entire scheme of the eligibility, powers and procedure before the settlement commission was overhauled by Finance Act, 2007, w.e.f. 1.6.2007. In the overhauled scheme, search / requisition cases covered by the provisions of section 153A of the Act were not allowed to take benefit of the settlement commission. It also excluded the cases of...
Read MoreDCIT Vs Shri K.M. Nagaraj (ITAT Bangalore) - Under the provisions of section 292B, certain acts are not to be treated as invalid by reason of mistake or defect or omission either in the return of income, assessment, notice, summons or other proceedings. In other words, notice cannot be invalidated by reason of any mistake such as one occurred ...
Read MoreM/s. Sri Sai Prasanthi Realtors Vs Deputy Commissioner of Income Tax (ITAT Hyderabad) - In a recent ruling, the Hyderabad ITAT ruled that non- enclosure of audit report to the return of income would not attract penalty under section 271B of the Income Tax Act....
Read MorePr. Commissioner of Income Tax Vs Vinita Chaurasia (Delhi High Court) - There is, therefore, nothing to contradict the categorical finding of the ITAT that the document which formed the main basis for initiation of the proceedings under Section 153C of the Act does not belong to the Assessee. One of the principal conditions for attracting Section 153C of the Act is, the...
Read MoreCIT Vs M/s Arpit Land Pvt. Ltd. (Bombay High Court) - Requirement of Section 153C of the Act cannot be ignored at the alter of suspicion. The Revenue has to strictly comply with Section 153C of the Act. We are of the view that non satisfaction of the condition precedent viz. the seized document must belong to the respondent – assessee is a jurisdicti...
Read MorePrinciple CIT Vs Nikki Drugs & Chemicals Pvt. Ltd. (Delhi High Court) - Delhi High Court held In the case of Principle CIT vs. Nikki Drugs & Chemicals Pvt. Ltd. that the Allahabad High Court in the case of Commissioner of Income Tax v. Gopi Apartments: (2014) 365 ITR 411 (All.) has held that even in cases where the assessing officer of the person searched and the assess...
Read MoreDCIT Vs Shri K.M. Nagaraj (ITAT Bangalore) -
M/s. Sri Sai Prasanthi Realtors Vs Deputy Commissioner of Income Tax (ITAT Hyderabad) -
Pr. Commissioner of Income Tax Vs Vinita Chaurasia (Delhi High Court) -
CIT Vs M/s Arpit Land Pvt. Ltd. (Bombay High Court) -
Principle CIT Vs Nikki Drugs & Chemicals Pvt. Ltd. (Delhi High Court) -
ACIT Vs Shivaansh Advertising & Publications Pvt. Ltd. (ITAT Delhi) -
M/s. Parshwa Corporation Vs DCIT (ITAT Ahmedabad) -
ACIT Vs S.P.Cold Storage (ITAT Raipur) -
CIT Vs M/s Refam Management Services (P) Ltd. (Delhi High Court) -
