Tag: search u/s 132
Where AO of searched person and other person same, there can be one satisfaction note prepared by the Assessing Officer (AO) – Supreme Court ABCAUS Case Law Citation:ABCAUS 3285 (2020) (03) SC Important case law relied upon by the parties:Commissioner of Income Tax v. Calcutta Knitwears (2014) 6 …
Income Tax search on prominent persons in Film Industry in Tamil Nadu including Actor Vijay, financier and production house in connection with film Bigil which reportedly collected Rs 300 crore at the box office Income Tax Department conducts search on prominent persons in Film Industry in Tamil …
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 …
CBDT clarifies raid on the cost accountant of TDP MP CBDT in a Press release has stated that the Income Tax Department had conducted search on 9th April, 2019 in Vijaywada at the premises of Sri Gurappa Naidu, a cost accountant. It is stated that the raid was …
Issue of notice u/s 143(2) on the same day return was filed made the entire assessment illegal for being non application of mind by the AO – ITAT ABCAUS Case Law Citation: ABCAUS 2841 (2019) (03) ITAT Important Case Laws Cited/relied upon by the parties Ashtech Industries Pvt. …
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 …
High Court explains mandate of “reasons to suspect” and “reasons to believe” in income tax search, quashed warrants of authorization for search and seizure of lockers ABCAUS Case Law Citation: ABCAUS 2659 (2018) (12) HC Important Case Laws Cited/relied upon: Pooran Mal Vs. the Director of Inspection (Investigation), …
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. 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 …
