Tag: Search & Seizure
Unexplained credits in bank statements are taxable under section 69 – High Court In a recent judgment, Hon’ble Madras High Court has held that unexplained credits in bank statements are taxable under section 69 as this provision applies to unexplained investments that are not recorded in books of …
Loose excel sheets without any corroboration thereof, was not adequate enough to draw adverse inference of unaccounted loans by the assessee-firm – ITAT In a recent judgment, the ITAT Chennai has held that loose excel sheets found during search without any corroboration thereof, was not adequate enough to …
Jewellery found in search can not be apportioned equally among family members – ITAT In a recent judgment, ITAT Delhi has held that when jewellery found in house cohabited by various family members, AO can not apportion jewellery in equal proportion without identifying the person to whom the …
Addition made on the basis of WhatsApp chat without certificate u/s 65B(4) of the Indian Evidence Act (E-certificate) deleted In a recent judgment, the ITAT Hyderabad has deleted addition made on the basis of WhatsApp Chat without certificate u/s 65B(4) of the Indian Evidence Act (E-certificate) holding that …
Merely on basis of unsigned document it cannot be assumed that amount/price paid is as stated in said document – ITAT In a recent judgment, the ITAT Hyderabad has held that merely on the basis of an unsigned document it cannot be assumed that price paid is as …
Assessment u/s 147 on the basis of seized material found during search of third party void ab-initio – ITAT In a recent judgment, ITAT has quashed the re-assessment order passed u/s 147 holding that when incriminating material is seized belonging to person other than searched, assessment has to …
ITD using Digital Forensics & Financial Analysis experts during Search operations Income Tax Department deploying Digital Forensics & Financial Analysis Experts during the conduct of a Search and Seizure action and follow up work. In a world of rapidly changing technology and high data encryption, the Income Tax …
Provisions of section 69 not applicable on the profit from trading of speculative Transactions In a recent judgment, ITAT has held that provisions of section 69 of the Income Tax Act, 1961 (the Act) not applicable on the profit from trading of speculative Transactions, hence higher rate of …
Digital Evidence Investigation Manual of CBDT is mandatory to be followed by ITD while conducting search and seizure and it is not optional – High Court In a recent judgment, the Hon’ble High Court has held that it is mandatory for the ITD to follow the Digital Evidence …
It is quite reasonable and logical for a married daughter to keep her jewellery with her mother. ITAT deleted addition u/s 69 for jewellery found in locker In a recent judgment ITAT has deleted the addition of jewellery found in locker holding that it is quite reasonable and …
