Income Tax : Judicial rulings clarify that satisfaction for initiating action against other persons in search cases must be recorded promptly. ...
Income Tax : CBDT issues new compounding guidelines simplifying process, eligibility, charges, and procedures under the Income-tax Act from Oct...
Income Tax : CBDT's new Compounding of Offence Guidelines (2024) simplify the process but maintain strict compliance rules. Learn about eligibi...
Income Tax : AY 2015-16 assessment under Section 153C held time-barred. Judicial rulings confirm six-year limit runs from handing over of seize...
Income Tax : Learn why a consolidated satisfaction note for multiple assessment years is legally invalid under Section 153C of the Income Tax A...
Income Tax : Learn about the new block assessment provisions for cases involving searches under section 132 and requisitions under section 132A...
Income Tax : The Tribunal held that reopening under Section 147 was invalid where it was based on third-party search material. It ruled that Se...
Income Tax : The issue was whether a notice granting less than the statutory minimum time is valid. The tribunal held that giving less than 7 d...
Income Tax : The Court held that a 21-month delay in recording the satisfaction note violates the requirement of immediacy. It ruled that such ...
Income Tax : Reassessment proceedings was invalid for a notice issued beyond three years without the sanction of the prescribed higher authorit...
Income Tax : The Tribunal held that unsigned excel sheets without supporting evidence cannot justify additions. It ruled that absence of corrob...
Income Tax : Central Government has decided to extend the time limits to 30th June, 2021 in the following cases where the time limit was earlie...
Income Tax : Availability of Miscellaneous Functionalities related to ‘Selection of Case of Search Year’ and ‘Relevant Search...
Unlock the complexities of Section 153C for the assessment of income in search cases. Delve into the essentials, the satisfaction process, and the impact of incriminating materials on other individuals. Stay informed about the amendments and nuances to navigate the assessment landscape effectively. Consult tax experts for personalized guidance.
Since assessment under section 153C was made only on the basis of incriminating documents such as balance sheet and profit and loss account which were not related to assessment years under appeals, therefore, assessment was invalid as no incriminating material was found during the course of search to proceed against the assessee.
Assessee was not precluded from raising the issue of jurisdiction under section 153C, merely because it did not object to the same during assessment proceedings and participating therein, as the issue was purely a legal issue and could be raised at any time in the course of appellate proceedings.
Initiation of assessment proceedings under section 153C in case of other person, i.e., assessee without issuing proper satisfaction note by AO of the searched person in favour of AO having jurisdiction of such other person, the proceedings initiated u/s 153C was void-ab-initio.
Purnima Komalkant Sharma Vs DCIT (Gujarat High Court) In the given case, the petitioner is an individual and engaged in the business of real estate and transportation and ship breaking. The return of income was accepted without any scrutiny. Thereafter, a search action took place at the premises of the petitioner. Upon conclusion of such proceedings, […]
Where both searched assessees were brothers and were involved in the common business and assessee used to be in-charge of the accounts, there was no necessity of issuing notice under Section 153C separately to assessee in case they lived separately, but in the same building.
Salasar Dwellers Pvt. Ltd. Vs DCIT (ITAT Mumbai) Satisfaction in the case is not recorded by the AO of the searched party, which is a pre-condition for invoking jurisdiction u/s 153C of the Act and hence, the assessment framed u/s 153C read with Section u/s 143(3) of the Act is bad in law and hence, […]
Addition made under section 68 consequent to notice issued under section 153C was deleted because the AO had initiated assessment proceedings under section 153C for the relevant assessment years without pointing out or referring to any seized document belonging to those years and, therefore, there was no prima facierationale or logic behind issuing the said notice.
Where AO of searched person had not recorded the reasons and order sheet of AO of assessee though reasons were typed but remained unsigned, notice issued u/s 153C and the assessment order passed by AO was not valid as AO did not comply with the statutory requirement for issue of notice u/s 153C.
Section 153 A of the Income-tax Act, 1961 provides for the scheme of assessment of income in case of a searched person. In terms of the said section, the Assessing Officer can frame assessment of a searched person for six assessment years immediately preceding the year of search. One of such facet is whether while […]
