Section 153C

Budget 2017: In case of Search Assessment notice can be issued for 10 Years

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...

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Principles & Procedures of Assessment u/s 153C dealt comprehensively by Delhi HC

Income 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 ...

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Scope of additions that can be made in a pending assessment and in a completed assessment pursuant to a search u/s 132

Income 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...

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Amendment proposed by union budget 2010 in Provisions dealing with Settlement Commission

Income 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...

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Section 153C proceedings can be initiated against a person only if seized materials belong to him

CIT Vs Renu Constructions Pvt. Ltd (Delhi High Court) - The purpose of initiating proceedings under Section 153C of the Act, the seized documents had to be shown to belong to the other person and not merely pertaining to such other person. The change brought about in this regard in Section 153 C of the Act by way of amendment has been given prospective e...

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Wrong Mention of Section would not make Re-Assessment Invalid

DCIT 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 ...

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No Penalty for mere Non enclosure of audit report to return of income

M/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....

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Section 153C proceedings not valid if initiated on the basis of document not belonging to Assessee

Pr. 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...

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Sec. 153C: Documents found during Search must belong to Assessee

CIT 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...

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Recent Posts in "Section 153C"

Section 153C proceedings can be initiated against a person only if seized materials belong to him

CIT Vs Renu Constructions Pvt. Ltd (Delhi High Court)

The purpose of initiating proceedings under Section 153C of the Act, the seized documents had to be shown to belong to the other person and not merely pertaining to such other person. The change brought about in this regard in Section 153 C of the Act by way of amendment has been given prospective effect from 1st June 2015. ...

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Wrong Mention of Section would not make Re-Assessment Invalid

DCIT 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 in the present case i.e. mentioning sect...

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No Penalty for mere Non enclosure of audit report to return of income

M/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 More

Section 153C proceedings not valid if initiated on the basis of document not belonging to Assessee

Pr. 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, therefore, not fulfilled in the present cas...

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Sec. 153C: Documents found during Search must belong to Assessee

CIT 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 jurisdictional issue and non satisfaction thereof ...

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Budget 2017: In case of Search Assessment notice can be issued for 10 Years

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 More
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Recording of satisfaction u/s 153C is mandatory even if searched person & assessee are under common jurisdiction

Principle 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 assessee who is sought to be assessed under Se...

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Where no satisfaction was recorded by AO at the time of search, revenue cannot attain jurisdiction over other person

ACIT Vs Shivaansh Advertising & Publications Pvt. Ltd. (ITAT Delhi)

In the case of ACIT Vs. Shivaansh Advertising & Publications Pvt. Ltd. Delhi Bench of ITAT observed the requirements of section 153C provides for taking recourse to assessment in respect of any other person and held the conditions precedent are...

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Recording of satisfaction mandatory prior to issuing notice u/s 153C & it should not be vague

M/s. Parshwa Corporation Vs DCIT (ITAT Ahmedabad)

ITAT Ahmedabad in the case of M/s. Parshwa Corporation Vs. DCIT observed the basic necessities & condition for issuing notice u/s 153 C and it was held that it is mandatory to follow the procedure prescribed under the section i.e. (1) Satisfaction is to be recorded by the Assessing Officer of the persons searched;...

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Search at house of partner cannot be deemed as search on assessee firm

ACIT Vs S.P.Cold Storage (ITAT Raipur)

ACIT Vs. S.P.Cold Storage (ITAT Raipur)- Mere mentioning of name in Search Warrant & Panchanama not sufficient for contemplating search against the assessee firm, Search at the residential premises of the Partners could not be deemed to be a search on the assessee firm...

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