Tag: Search & Seizure
Income Tax Department conducts search & survey operations on Share Brokers/Traders across India On 3rd December 2019, the Income Tax Department carried out search and survey operations on certain share-brokers/traders who were involved in facilitating accommodation of profits/loss through reversal trades in illiquid stock optionsin Equity Derivative Segment and …
Cash Payments itself not undisclosed income of assessee in the absence of corresponding asset found at the time of search. ITAT deleted penalty u/s 271AAB. ABCAUS Case Law Citation: ABCAUS 3035 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: NTPC vs. CIT 229 ITR 383 …
ITD conducted search in Kashmir Valley -undisclosed cash/jewellery and property found Income Tax Department (ITD) conducted search actions at 5 locations in the Kashmir Valley on 14th March, 2019. Few places in Jammu were also searched. As per tweet of Finance Ministry, these actions are part of the …
Income Tax Department hits at terror financing activities in J&K Region; Conducts sensitive search action at various places. As per the Press Release of the Ministry of Finance, the head of a prominent organisation allegedly indulging in anti-national activities alongwith his associates were covered in a sensitive search …
Jewellery Bills found during search-benefit of CBDT Instruction can not be denied if only bills are found and the jewellery is not available ABCAUS Case Law Citation: ABCAUS 2778 (2019) (02) ITAT Important Case Laws Cited/relied upon by the parties CIT V Rtanlal Vyaparilal Jain 339 ITR 351 …
Cash found during search belonging to parents- ITAT deleted the addition on account of cash belonging to the parents of the assessee found during search ABCAUS Case Law Citation: ABCAUS 2724 (2019) (01) ITAT The assessee was an individual and search and seizure operation u/s 132 of the …
Order of seizure of goods in transit passed u/s 129(1) of U.P. Goods and Service Tax Act, 2017 not appealable and therefore, a writ petition is maintainable against it subject to the limitations of judicial review – Allahabad High Court ABCAUS Case Law Citation: ABCAUS 2194 (2018) (02) …
Presumption u/s 132(4A)-No further proof u/s 37 of expenses recorded in books seized was required as department failed to rebut presumption-High Court Prelude: Section 132(4A) provides for the presumption that where during the course of a search proceedings, any books of account, documents, money, bullion, jewellery or other …
Jewellery held belonging to 3 wives though purchase bills found in search were in assessee’s name. HC uphelds deletion of undisclosed income u/s 158B(b) ABCAUS Case Law Citation: ABCAUS 2141 (2017) (12) HC The Challenge/Grievance: The instant appeal was filed by the Income Tax Department (the Revenue/Department) against …
CBDT sets up Committee for review & updation of Search and Seizure Manual published in 2007. Committee to submit revised draft in 3 months F.No.414/125/2017-IT(Inv.I) Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) Dated: 27.11.2017 Room No. 269, North Block, New Delhi …