Tag: search u/s 132

Income Tax Department conducted search/survey operations on Share Brokers/Traders across India

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 …

Assessment u/s 153A based on pre-search enquiries and not on incriminating material unearthed during search seizure operation u/s 132 invalid – ITAT

Assessment u/s 153A based on pre-search enquiries and not on incriminating material unearthed during search seizure operation u/s 132 invalid – ITAT ABCAUS Case Law Citation: 960 2016 (06) ITAT Date/Month of Order/Judgment – June, 2016 Assessment Year: 2006-07 & 2007-08 Important Judgments Cited/Relied upon: CIT vs. Kabul Chawla …

Penalty us 158BFA2 for jewellery Loose Papers found during search as undisclosed income deleted as addition was made on the basis of probabilities

Penalty us 158BFA2 for jewellery Loose Papers found during search as undisclosed income deleted as addition was made on the basis of probabilities. Case Law Details: ITA No.85/Lkw/2016  Block Period ending on 14/09/2002 Dr. Harnam Singh vs. ACIT Date of Judgment: 27/05/2016 Brief Facts of the Case: During …

Addition for Jewellery in daughter-in-laws bedroom locker found during search operation u/s 132 deleted when she was having separate sources of income

Jewellery found in daughter-in-law’s bedroom locker of at the time of search u/s 132 can not be added to the assessee’s income  when she was having a seperate source of income- ITAT Delhi Case Law Details: ITA No.3763 and 3757/Del/2012 Assessment Year : 2010-11 S.C. Verma vs. ACIT/ACIT vs S.C. Verma Date …