Survey

Income Tax RAID – understanding Survey Vs. Search

Income Tax - Often termed as Raid by laymen, income tax survey and search are becoming increasingly common as businesses continue to grow. Apparently, there is no word called raid in the Income Tax Act. The two important tools which the department uses are survey and search and when one or both of these two operations get initiated, people term it as ...

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Issues which may invite TDS surveys & inspections

Income Tax - Checking avoidance of TDS/ TCS liability in respect of the following payment,/ transactions; 1. Payment for purchase of land under sale deed by project implementing authorities towards compulsory land acquisition for SEZs/public utilities implemented under Fast Track procedure where the implementation is not done directly by state govern...

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Presumption as to books of accounts, other documents, etc. found during survey

Income Tax - Presumption as to books of accounts, other documents, etc. Section 292C of the Income-tax Act provides for a rebuttable presumption with respect to books of account, other documents, money, bullion, jewelry or other valuable article or thing found in the possession or control of any person in the course of a search under section 132. [&he...

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Premises of a CA cannot be surveyed and clients’ books cannot be impounded

Income Tax - Where the ITO conducted a survey u/s 133A of the Act on the premises of the Petitioner, a practicing Chartered Accountant, and impounded books of account /documents belonging to the Petitioner and retained such books of account/documents and the Petitioner filed a Writ Petition to challenge the same, HELD, allowing the Petition:...

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Power of IT Authorities to Conduct Survey in Premises of a CA Lawyer/Tax Practitioner of an Assessee

Income Tax - The IT authority does not assume any power to enter the business premises/Office of the CA/Lawyer/Tax Practitioner to conduct survey under section 133A of IT Act in connection with survey of the premises of their client unless the client state in the course of survey that his books of account/documents and records are kept in the office o...

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Over 50 Percent US green card holders plan to return home – Survey

Income Tax - The United States may experience reverse brain drain as thousands of Indian IT professionals contemplate returning to India, according to a survey conducted by Corp-Corp.com , a US-based technology job portal. ...

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IT dept. in delhi recovered 860 Crore in search, seizure and survey

Income Tax - Search and seizure operations by the revenue authorities have forced tax evaders in the national capital to cave in and admit that they owe the government more than Rs 860 crore (Rs 8.6 billion) for the last fiscal. According to an official report of the department, taxmen carried out search, seizure and survey operations in nearly [&hel...

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Income tax department sleuths detected unaccounted cash worth over Rs 8 crore

Income Tax - Income tax department sleuths detected unaccounted cash worth over Rs 8 crore during the survey carried out on three business establishments in Chandigarh. Survey started on Thursday completed on Friday afternoon. Income tax sleuths carried out the survey in the premises of Compact Disc (CD) India Limited, Manimajra, office of A-I Meters ...

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I-T dept moves court over ITAT's demand for verifying the reasons for conducting a raid

Income Tax - The Income-Tax department is at loggerheads with the income Tax Appellate Tribunal (ITAT), the ultimate fact-finding body on tax disputes, over the latter’s demand for verifying the reasons for conducting a raid on FMCG major Marico Industries. ITAT had directed the department to produce the “satisfaction note”, which is...

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Man in Mumbai admits to tax evasion, pays Rs 22cr

Income Tax - This could be one the biggest admission of tax evasion by an individual in recent times. Munir Khan, who describes himself as a`scientist’ and has a medicine for all incurable diseases, on Friday paid Rs 22 crore as tax on his income for the current financial year. According to sources, the assessment wing of the […]...

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Confession made during survey is not conclusive and can be retracted- Delhi high Court

Commissioner of Income Tax Vs. Dhingra Metal Works (Delhi High Court) - Briefly stated the relevant facts of the present case are that on 14th September, 2004, a survey under Section 133A of the Act was conducted out on the respondent-assessee?s business premises. During the course of survey, the tax officials noticed some discrepancies in stock and cash in hand. During...

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No addition can be made or sustained simply on basis of statement recorded at the time of survey/search

DCIT Vs. Premsons (ITAT Mumbai) - In order to make an addition on the basis of surrender during search or survey, it is sine qua non that there should be some other material to co-relate the undisclosed income with such statement....

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Condition precedent for raising presumption under section 132(4A) read with section 292C of IT Act against a person searched

Mudit Verma Vs. ACIT (ITAT Lucknow) - (iii) that the signature and every other part of such books of account and other documents which purport to be in the handwriting of any particular person or which may reasonably be assumed to have been signed by, or to be in the handwriting of, any particular person, are in that person's handwritin...

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Allowbility of kickbacks/secret commission as business expenditure under section 37(1) of IT Act

Kusum R. Ghuwalewala Vs ACIT (ITAT Mumbai) - "37. (1) Any expenditure (not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee), laid but or expended wholly and. exclusively for the purposes of the business or profession shall be allowed in comp...

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Determination of head of income in respect of payment received by an assessee from his employer under a non-compete agreement

Kanwaljit Singh Vs ACIT (ITAT Delhi) - (iii) Even in the case of the assessee, the department is accepting the earning of income albeit on a different footing i.e. claiming the same to be salary income in contra distinction to assessee's claim being business income by virtue of Section 28(va). Though reference is made to colourable devis...

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Recent Posts in "Survey"

Income Tax RAID – understanding Survey Vs. Search

Often termed as Raid by laymen, income tax survey and search are becoming increasingly common as businesses continue to grow. Apparently, there is no word called raid in the Income Tax Act. The two important tools which the department uses are survey and search and when one or both of these two operations get initiated, people term it as ...

Read More
Posted Under: Income Tax | ,

Issues which may invite TDS surveys & inspections

Checking avoidance of TDS/ TCS liability in respect of the following payment,/ transactions; 1. Payment for purchase of land under sale deed by project implementing authorities towards compulsory land acquisition for SEZs/public utilities implemented under Fast Track procedure where the implementation is not done directly by state govern...

Read More
Posted Under: Income Tax |

Over 50 Percent US green card holders plan to return home – Survey

The United States may experience reverse brain drain as thousands of Indian IT professionals contemplate returning to India, according to a survey conducted by Corp-Corp.com , a US-based technology job portal. ...

Read More
Posted Under: Income Tax |

Confession made during survey is not conclusive and can be retracted- Delhi high Court

Commissioner of Income Tax Vs. Dhingra Metal Works (Delhi High Court)

Briefly stated the relevant facts of the present case are that on 14th September, 2004, a survey under Section 133A of the Act was conducted out on the respondent-assessee?s business premises. During the course of survey, the tax officials noticed some discrepancies in stock and cash in hand. During the said survey, respondent-assessee su...

Read More

No addition can be made or sustained simply on basis of statement recorded at the time of survey/search

DCIT Vs. Premsons (ITAT Mumbai)

In order to make an addition on the basis of surrender during search or survey, it is sine qua non that there should be some other material to co-relate the undisclosed income with such statement....

Read More

IT dept. in delhi recovered 860 Crore in search, seizure and survey

Search and seizure operations by the revenue authorities have forced tax evaders in the national capital to cave in and admit that they owe the government more than Rs 860 crore (Rs 8.6 billion) for the last fiscal. According to an official report of the department, taxmen carried out search, seizure and survey operations in nearly [&hel...

Read More
Posted Under: Income Tax |

Presumption as to books of accounts, other documents, etc. found during survey

Presumption as to books of accounts, other documents, etc. Section 292C of the Income-tax Act provides for a rebuttable presumption with respect to books of account, other documents, money, bullion, jewelry or other valuable article or thing found in the possession or control of any person in the course of a search under section 132. [&he...

Read More
Posted Under: Income Tax |

Income tax department sleuths detected unaccounted cash worth over Rs 8 crore

Income tax department sleuths detected unaccounted cash worth over Rs 8 crore during the survey carried out on three business establishments in Chandigarh. Survey started on Thursday completed on Friday afternoon. Income tax sleuths carried out the survey in the premises of Compact Disc (CD) India Limited, Manimajra, office of A-I Meters ...

Read More
Posted Under: Income Tax |

I-T dept moves court over ITAT's demand for verifying the reasons for conducting a raid

The Income-Tax department is at loggerheads with the income Tax Appellate Tribunal (ITAT), the ultimate fact-finding body on tax disputes, over the latter’s demand for verifying the reasons for conducting a raid on FMCG major Marico Industries. ITAT had directed the department to produce the “satisfaction note”, which is...

Read More
Posted Under: Income Tax |

Man in Mumbai admits to tax evasion, pays Rs 22cr

This could be one the biggest admission of tax evasion by an individual in recent times. Munir Khan, who describes himself as a`scientist’ and has a medicine for all incurable diseases, on Friday paid Rs 22 crore as tax on his income for the current financial year. According to sources, the assessment wing of the […]...

Read More
Posted Under: Income Tax |
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