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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If section 69 not invoked by AO in Order u/s 143(3) then section 115BBE can’t invoked for rectification u/s 154

ACIT Vs Shri Sudesh Kumar Gupta (ITAT Jaipur) - whether CIT(A) is justified in quashing the action of the AO u/s 154 of the Act in applying provision of section 115BBE of the IT Act on undisclosed investment surrendered during the course of survey proceedings?...

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No section 271C penalty for non-deduction of TDS on LTA

State Bank of India Vs Addl. CIT (ITAT Bangalore) - The issue under consideration is whether the AO is correct in levying penalty u/s 271C of the Act for non-deduction of tax at source on Leave Travel Allowance?...

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ITAT upheld addition for Tax Evasion by misuse of Client Code Modification

Nirmala Devi Vs ITO (ITAT Delhi) - Nirmala Devi Vs ITO (ITAT Delhi) In the given case, the Investigation Directorate, Ahmedabad carried out survey u/s 133(A) to examine the misuse of Client Code Modification for tax evasion. The client code of the assessee was SS 493 & as per the Assessing Officer the error by the operator could ...

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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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Recent Posts in "Survey"

If section 69 not invoked by AO in Order u/s 143(3) then section 115BBE can’t invoked for rectification u/s 154

ACIT Vs Shri Sudesh Kumar Gupta (ITAT Jaipur)

whether CIT(A) is justified in quashing the action of the AO u/s 154 of the Act in applying provision of section 115BBE of the IT Act on undisclosed investment surrendered during the course of survey proceedings?...

Read More

No section 271C penalty for non-deduction of TDS on LTA

State Bank of India Vs Addl. CIT (ITAT Bangalore)

The issue under consideration is whether the AO is correct in levying penalty u/s 271C of the Act for non-deduction of tax at source on Leave Travel Allowance?...

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ITAT upheld addition for Tax Evasion by misuse of Client Code Modification

Nirmala Devi Vs ITO (ITAT Delhi)

Nirmala Devi Vs ITO (ITAT Delhi) In the given case, the Investigation Directorate, Ahmedabad carried out survey u/s 133(A) to examine the misuse of Client Code Modification for tax evasion. The client code of the assessee was SS 493 & as per the Assessing Officer the error by the operator could be in the form […]...

Read More

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 |

CBI detains I-T officer T V Mohan for graft & Searched Additional comm. of IT, S M Keshkamat

The CBI and the income tax department are at loggerheads. The reason is the effect of a trap laid by the CBI to catch an income tax officer, T V Mohan who was allegedly accepting a bribe of Rs 4.5 lakh from the chartered accountant of a real estate agent. Mohan was detained on Thursday […]...

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Posted Under: Income Tax |

Tax fraud through abuse of charities: OECD Survey

TAX evasion and tax fraud through the abuse of charities is a serious and increasing risk in many countries, and some estimate that the abuse of charities costs their treasury many hundreds of millions of dollars. The vast majority of charities are legitimate but some may be targeted by criminals to launder the proceeds of […]...

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Posted Under: Income Tax |

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 handwriting, and in the case of a document stamped...

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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 computing the income chargeable under the he...

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

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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Posted Under: Income Tax |

IT inspection finds Rs 37 crore default by private airline

In a path-breaking investigation, with all-India ramifications, sleuths from the Income Tax department (Bangalore circle) have found that a private airline had not remitted to the government a part of the tax it has been deducting at source for over the past eight years. The TDS default and the interest on it amounts to around […]...

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Posted Under: Income Tax |

A Review of interim Railway Budget for 2009-10

Railway Minister Lalu Prasad presented the interim Railway Budget for 2009-10 in Parliament on Friday, saying the Railways have scaled new heights. Highlights of Lalu’s speech in Parliament: Reduction in passenger fares of ordinary passenger trains by Re 1 for fares costing up to Rs fifty per passenger for journey above ten kms. Far...

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Posted Under: Income Tax |

Kolkata Income Tax (Investigation Wing) reports seizure of Rs 65 Cr cash

The current financial year 2008-09 the Investigation Wing of the Income Tax Department, Kolkata, has so far seized unaccounted cash of Rs 65 Crore and other assets to the tune of Rs 11 Cr. Multiple searches have led to disclosure of income to the tune of Rs 360 Cr so far. Some of the noteworthy […]...

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Posted Under: Income Tax |

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 devise in the hands of the assessee following...

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Taxing times ahead as govt ups Income Tax Scrutiny

Faced with the prospect of missing the direct tax collection target because of the economic slowdown, the Income Tax (I-T) department has sharply increased fresh tax demands to Rs 1,24,000 crore from companies and individuals in the current fiscal, a 130 per cent increase over fresh demands raised last year. At this level, the demand [&he...

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Posted Under: Income Tax |

Stringent threat analysis required for Indian companies: KPMG-ET

Corporate India is not prepared to cope with a security incidence in case they are caught in a terrorist attacks or are faced with an unconventional threat. Organisations can no longer treat organisational security as a mere administrative issue. A latest KPMG survey report has pointed out to the fact that gaps exists in the […]...

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Posted Under: Income Tax |

I-T dept recovers Rs 1.75 cr in cash from Mulund doctors

THE Income Tax department raided the premises of Dr Sanjay Shah, Dr Mahesh Thakkar, his wife Dr Bindu Thakkar and some of their colleagues, and recovered Rs 1.75 crore cash from them on Wednesday and Thursday. Following a tip-off, the I-T team raided Shraddha Polyclinic at Ganesh Gawade road, Mulund (west), run by Shah and […]...

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Posted Under: Income Tax |

I-T DEPARTMENT, MUMBAI WILL CONDUCT 1000 SURVEYS IN 3 MONTH

MUMBAI: This New Year could well be forgettable if you are the Income Tax (I-T) department’s chosen one. Those with unaccounted cash stashed away inside mattresses, behind false ceilings or dummy firms, are likely to be greeted by a rather unfriendly visit by officials. All this is not without reason. Faced with a worrying situation [&h...

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Posted Under: Income Tax |

Revised Procedure For Selection of Cases For Scrutiny For A.Y. 2008-09

FOR NON-CORPORATE ASSESSEES In suppression of earlier instructions on the above subject the  Board hereby lays down the following procedure for selection of returns / cases of Non- Corporate Assessees for scrutiny during the current financial year i.e. 2007-08. 2. The following categories of cases shall be compulsorily  scrutinized; ...

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Posted Under: Income Tax |

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

14018 of 2008 (29/10/2008)

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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Posted Under: Income Tax |

E-returns – Income Tax dept discovers Rs 1,700 cr gap

During a verification of electronic returns, the department found that as many as 1,714 taxpayers under the self-assessment scheme (where tax-payers determine their tax liability and pay accordingly) had not paid their tax dues. In a few cases, the amount due was around Rs 100 crore (Rs 1 billion)....

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Posted Under: Income Tax |

Crorepati ITO Has 23 Flats

It doesn't pay to be greedy … especially when you are indulging in immoral activities – That is the moral of this story.In 2002, Devendra Doctor, an informant for the Income-tax department tipped off Mr. Ajay Kumar Singh, who was then the Additional Commissioner of Income-tax (Investigation), of a case of unaccounted income. Pursuant ...

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Posted Under: Income Tax |

CBDT relaxes scrutiny norms in a few cases

The Central Board of Direct Taxes has decided to relax norms on scrutiny of tax payers whose premises have been surveyed by the officials, a step aimed at encouraging evaders to pay up. The decision is likely to provide relief to thousands of taxpayers and it would save them from harassment at the hands of taxmen apart from litigation co...

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Posted Under: Income Tax |

Procedure for Selection of Cases for ‘Scrutiny’ For Non-Corporate Assessees

NEW SCRUTINY NORMS FOR FINANCIAL YEAR 2007-08 - In super cession of earlier instructions on the above subject the Board hereby lays down the following procedure for selection of returns / cases of Non-Corporate Assessees for scrutiny during the current financial year i.e. 2007-08....

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Posted Under: Income Tax |

Income Tax Scrutiny Norms for A.Y. 2007-08

The CBDT has given norms for current fiscal for selection of cases meant for scrutiny. For corporates: All banks and public Sector undertakings are liable for scrutiny. Also, all NSE-500 companies and BSE-A group companies listed in Bombay Stock Exchange as on March 31, 2007, are covered. Companies in Delhi , Mumbai, Chennai, Kolkata, Pun...

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Posted Under: Income Tax |

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