Income Tax : Explore the ITAT Delhi ruling on deletion of additions based on manual cash books in Section 153A assessments. ...
Income Tax : Mumbai ITAT clarifies that action under section 153C can't be based solely on survey material. Detailed analysis of the case and i...
Income Tax : Revenue had placed no material on record to show that the loose papers were in the hand-writing of assessee and there was no corro...
Income Tax : Supreme Court held that persons other than searched persons shall be liable to pay the interest on late filing of the return under...
Income Tax : For issuing notice u/s 158BC, there has to be a search in the case of 'any person', then the Assessing officer shall serve a notic...
Income Tax : CIRCULAR NO. 24/2015 Several High Courts have held that the provisions of section 153C of the Act are substantially similar/pari-m...
CIRCULAR NO. 24/2015 Several High Courts have held that the provisions of section 153C of the Act are substantially similar/pari-materia to the provisions of section 158BD of the Act and therefore, the above guidelines of the Hon’ble SC, apply to proceedings u/s 153C of the IT Act, for the purposes of assessment of income of other than the searched person. This view has been accepted by CBDT.
A search and seizure action was carried out at the residence of Devdas A.Alva on 13.9. 2001.During the action,a loose paper file marked A-1was seized.Pages No 1-17 contained a copy of the catering contract entered into by Apporva caterers and Ooters Club and Page No. 26 to 28 were the bills
Delhi High Court held In the case of Haryana Paneer Bhandar vs. CIT. that the Revenue has been unable to produce the satisfaction note of the AO of the searched person. Consequently, on this short ground of there being no satisfaction note, which is a mandatory requirement under Section 158BD.
ITAT held In the case of ACIT vs. Raj Kumar Jalan that in view of the proposition laid down by the Honble Delhi high Court in the case of CIT Vs. Bharat Bhusan Jain and others in ITA No.648/09 and 669/2009 etc order dated 08.01.2015
In the Case of ACIT v Akhil Jain, ITAT Delhi held that no interest will be levied u/s 234B during the Block Assessment by the virtue of Section 158BF.
Revenue has to be vigilant in issuing notice to the third party under Section 158 BD, immediately after the completion of assessment of the searched person, this Court is of the opinion that a delay ranging between 10 months of 1 ½ years cannot be considered contemporaneous to assessment proceedings.
The assessee contended that the note was antedated and is accordingly not valid. He tried to substantiate his argument by demonstrating the following: If the satisfaction note was recorded on 29th Aug., 2002
Explore the Kerala High Court judgment in CIT vs. Shri. C. Najeeb regarding penalty on income determined under Section 158BC of the Income Tax Act. Discover key questions of law, such as whether the Tribunal’s decision to levy income tax on 15% of total receipts is correct. Dive into the intricacies of assessment and penalty proceedings, including insights on undisclosed income, civil liability, and the interpretation of Section 158BFA. Uncover the court’s findings, providing clarity on the computation of undisclosed income and the imposition of penalties in this significant tax case.
