Section 153C

New Procedure for Income escaping & search assessments

Income Tax - Under the Act, the provisions related to income escaping assessment provide that if the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may assess or reassess or re­compute the total income for such year under section 147 of the Act by issuing a […]...

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Income Tax Search & Seizure Assessments & Settlement Commission

Income Tax - Finance Bill 2021- Paradigm Shift In The Provisions Relating To Income Tax Search And Seizure Assessments And Income Tax Settlement Commission Introduction:- The Hon’ble Union Finance Minister Nirmala Sitharaman has presented the Union Budget 2021 of India on the 1st of February, 2021. Budget 2021 is aimed at reviving an economy that pl...

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Reckoning the Period of Six Assessment Years for Making Assessment under Section 153C(1) -Whether the Amendment w.e.f. 01.04.2017 IS Retroactive?

Income Tax - Legal forums at various levels have been annulling assessment orders framed u/s 153C(1) in case of ‘other person’ (the non-searched person) for some of the assessment years out of a totalpermissible period of six assessment years on the ground that they fall beyond the relevant period if reckoned from the year of recording satisfactio...

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Asssessment Years to be Considered under Section 153C: Revenue’s Perspective

Income Tax - Section 153C as part of provisions of search assessment lays down the law relating to the assessment of persons other than the searched person. The author in this article discusses the situation arising from interpretation of provisions relating to the years to be considered u/s 153C assessment in the light of judicial pronouncements and ...

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Analysis of Issues In Income Tax Search & Seizure Operations

Income Tax - Article covers 5 Issues In Income Tax Search & Seizure Operations which includes Issues In Income Tax Search & Seizure Operations  Search Assessment 1. Where the Assessing Officer of the Searched and Other Person Is Same 2. Whether the Assessee Can Lodge the New Claims, Claim Deductions and claim Reliefs 3. Whether Notice Under S...

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Section 153A Search Assessment- No addition if No incriminating material

Mohd. Atique Vs ACIT (ITAT Indore) - In search assessment, any undisclosed income, which can ultimately be added, is only to the extent of any unrecorded assets/material found or any incriminating documents found as representing undisclosed income earned, since, AO had not made any specific reference to the incriminating material found...

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Search proceedings valid if jurisdictional facts exist for assumption of section 153A & 153C jurisdiction

S. R. Trust Vs ACIT (Madras High Court) - S. R. Trust Vs ACIT (Madras High Court) Conclusion: Search proceedings had been rightly initiated as assessee had nothing to fear, they could as well place all the materials before AO for consideration and more so, the jurisdictional facts exist for assumption of jurisdiction under Section 153A as w...

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No Section 153C addition in case no incriminating material found

ACIT Vs Himalaya Darshan Developers (Gujarat) Pvt. Ltd. (ITAT Ahmedabad) - ACIT Vs Himalaya Darshan Developers (Gujarat) Pvt. Ltd. (ITAT Ahmedabad) The question that arises for our adjudication whether the document in the form of tally and balance sheet found during the course of search is an incriminating document in nature. In our considered view such document are not an...

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Addition for Cash seized during search allegedly belonging to other persons valid if Assessee not furnishes any explanation/Evidence

Blue Lines Vs ACIT (Karnataka High Court) - Where assessee did not produce any material, despite opportunity being afforded to show that the amount seized during the search, did not belong to it but belonged to some other person as claimed by it; the addition made in the hands of the assessee on account of cash seized during the search would ...

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Section 153C Assessment invalid if Satisfaction not recorded & If section 153C notice not issued

Vinod Kumar Vs DCIT (ITAT Delhi) - No satisfaction note have been recorded under section 153C of the I.T. Act. The A.O. passed the assessment order for the assessment year under appeal i.e., 2013-2014 under section 143(3) considering the preceding A.Y. 2012-2013 to the year of the search....

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Government extends timelines for Income Tax Assessment (Read Notification)

Notification No. 38/2021-Income Tax/S.O. 1703(E) - (27/04/2021) - Central Government has decided to extend the time limits to 30th June, 2021 in the following cases where the time limit was earlier extended to 30th, April 2021 through various notifications issued under the Taxation and Other Laws (Relaxation) and Amendment of Certain Provisions Act, 2020, namely:-...

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Selection of Case of Search Years in ITBA Assessment module

TBA - Assessment Instruction No. 12 - (12/09/2019) - Availability of Miscellaneous Functionalities related to ‘Selection of Case of Search Year’ and ‘Relevant Search Years’ in Assessment module of Income Tax Business Application (ITBA)- reg. ITBA – Assessment Instruction No. 12 DIRECTORATE OF INCOME TAX (SYSTEM) ARA Cente...

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Section 153C’s Popular Posts

Recent Posts in "Section 153C"

Government extends timelines for Income Tax Assessment (Read Notification)

Notification No. 38/2021-Income Tax/S.O. 1703(E) 27/04/2021

Central Government has decided to extend the time limits to 30th June, 2021 in the following cases where the time limit was earlier extended to 30th, April 2021 through various notifications issued under the Taxation and Other Laws (Relaxation) and Amendment of Certain Provisions Act, 2020, namely:-...

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Section 153A Search Assessment- No addition if No incriminating material

Mohd. Atique Vs ACIT (ITAT Indore)

In search assessment, any undisclosed income, which can ultimately be added, is only to the extent of any unrecorded assets/material found or any incriminating documents found as representing undisclosed income earned, since, AO had not made any specific reference to the incriminating material found during the search in respect of additio...

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Search proceedings valid if jurisdictional facts exist for assumption of section 153A & 153C jurisdiction

S. R. Trust Vs ACIT (Madras High Court)

S. R. Trust Vs ACIT (Madras High Court) Conclusion: Search proceedings had been rightly initiated as assessee had nothing to fear, they could as well place all the materials before AO for consideration and more so, the jurisdictional facts exist for assumption of jurisdiction under Section 153A as well as Section 153C of the Act. [&hellip...

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No Section 153C addition in case no incriminating material found

ACIT Vs Himalaya Darshan Developers (Gujarat) Pvt. Ltd. (ITAT Ahmedabad)

ACIT Vs Himalaya Darshan Developers (Gujarat) Pvt. Ltd. (ITAT Ahmedabad) The question that arises for our adjudication whether the document in the form of tally and balance sheet found during the course of search is an incriminating document in nature. In our considered view such document are not an incriminating material, as such those d...

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Addition for Cash seized during search allegedly belonging to other persons valid if Assessee not furnishes any explanation/Evidence

Blue Lines Vs ACIT (Karnataka High Court)

Where assessee did not produce any material, despite opportunity being afforded to show that the amount seized during the search, did not belong to it but belonged to some other person as claimed by it; the addition made in the hands of the assessee on account of cash seized during the search would be sustainable....

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Section 153C Assessment invalid if Satisfaction not recorded & If section 153C notice not issued

Vinod Kumar Vs DCIT (ITAT Delhi)

No satisfaction note have been recorded under section 153C of the I.T. Act. The A.O. passed the assessment order for the assessment year under appeal i.e., 2013-2014 under section 143(3) considering the preceding A.Y. 2012-2013 to the year of the search....

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Addition based on Post Search Enquiries invalid if no Incriminating Material found During Search

Mahalaxmi Buildwell India Pvt. Ltd. Vs DCIT (ITAT Delhi)

Mahalaxmi Buildwell India Pvt. Ltd. Vs DCIT (ITAT Delhi) We find, the AO, in the instant case, has made addition of Rs.17,15,113/- for assessment year 2009-10 and Rs.30 lacs for assessment year 2010-11 in the orders passed u/s 153A r.w. section 143(3). A perusal of the assessment order shows that the addition of Rs.16,77,983/- out [&helli...

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Addition cannot be made on the basis of mere diary jottings

D.S. Suresh vs ACIT (ITAT Bangalore)

D.S. Suresh vs ACIT (ITAT Bangalore) In the present case, the addition is based on the diary jottings found during the course of search action in the case of RNSIL on 16.02.2012. We have carefully gone through the diary jottings recorded earlier part of this order. It contains the entry No.5 – MLA Tarikere Rs.27 […]...

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No Section 2(22)(e) addition if money lending was part of business

M.L. Singhi & Associates (P) Ltd. Vs DCIT (ITAT Delhi)

M.L. Singhi & Associates (P) Ltd. Vs DCIT (ITAT Delhi) No addition could be made against the assessee if no incriminating material was found during the course of search It is not in dispute that whatever queries were raised by the A.O. time to time, have been replied by assessee along with documentary evidences. All […]...

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Absence of satisfaction of AO of searched person must for other person without which jurisdiction assumed under 153C is invalid

Tanvir Collections Pvt. Ltd. Vs ACIT (ITAT Delhi)

Tanvir Collections Pvt. Ltd. Vs ACIT (ITAT Delhi) Absence of satisfaction of AO of searched person must for other person without which jurisdiction assumed under 153C is invalid It is palpable that the AO of Shri B.K. Dhingra, Smt. Poonam Dhingra and M/s Madhusudan Buildcon Pvt. Ltd., did not record any satisfaction that some money, [&hel...

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