CA Mohit Gupta
27 articles written by CA Mohit Gupta on ConsultEase.
No Clear guidelines for seizure of Jewellery found during search and its assessment thereon under Income Tax Act
Brief Background:- Vide CBDT Instruction no. 1916 dated 11-05-1994, it has been clarified that no seizure should be made by the Search Party of the Jewellery and Ornaments found during the course of search proceedings under Section 132, where the same have been duly declared
Search and Seizure Operations:- Forced confession of undisclosed income in the statement recorded u/s 132(4) of the act during search and seizure operations
Brief Introduction 1. Section 132(1) of the Income-tax Act can be invoked by the Commissioner ofIncome-tax or Chief Commissioner or Director General or Director or any other authorized Additional or Joint Director or Commissioner if “in consequence of information in his possession” he “has reason
Tax and penalty on Cash Deposit due to Demonetization
The Union Finance Minister Arun Jaitley yesterday introduced the Taxation Laws (Second Amendment) Bill, 2016 with a view to tax unaccounted black money deposited in bank accounts pursuant to demonetisation. The government has introduced Chapter IXA: ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016′ (PMGKY) consisting of
The legality of Prior approval of the Joint Commissioner for assessment in search cases under Section 153D of the Income Tax Act 1961.
The legality of Prior approval of the Joint Commissioner for assessment in search cases under Section 153D of the Income Tax Act 1961. Section 153D of the act in the present Search Assessment regime mandates that prior approval is necessary for a valid assessment under
Bar on Subsequent Application to Income Tax Settlement Commission: Conflict between Legislative Intention and Judicial View
Bar on Subsequent Application to Income Tax Settlement Commission: Conflict between Legislative Intention and Judicial View The scheme of Settlement of cases under the Income Tax Act’1961 is governed by Sections 245A to 245M contained in “Chapter XIX- A: Settlement of Cases”. In the common parlance,
Income Tax Search and Seizure: Whether a new claim can be raised in the Income Tax return filed u/s 153A of the act
Income Tax Search and Seizure: Whether a new claim can be raised in the Income Tax return filed u/s 153A of the act Introduction: The provisions of assessment in the case of search u/s. 153A etc. have been inserted by the Finance Act, 2003 with
Income Tax Search and Seizure
Income Tax Search and Seizure Whether an Income Tax survey proceedings u/s 133A of the Income TaxAct’1961 can be converted into an Income Tax Search and Seizure action u/s 132 of the Income Tax Act ‘1961 I. Introduction: It is seen in practice that in
Summary of Key Findings And Recommendations In The CAG’s Performance Audit Report On Income Tax Search And Seizure Assessments
Summary of Key Findings And Recommendations In The CAG’s Performance Audit Report On Income Tax Search And Seizure Assessments (Report No.14 of 2020) Performance Audit Report No.14 of 2020 on Search and Seizure Assessments in Income Tax Department, Union Government, Department of Revenue – Direct
Issuance of notice u/s 131 (1A) of the Income Tax Act 1961
Issuance of notice u/s 131 (1A) of the Income Tax Act 1961 after the conclusion of Income Tax Search and Seizure u/s 132 of the Income Tax Act 1961 – Legal Paradox Introduction: Ever since the enactment of the original Income-tax statute of 1922, the
Income Tax Search and Seizure Assessments- No universal application of the “extrapolation technique” in Search Assessments
Income Tax Search and Seizure Assessments- No universal application of the “extrapolation technique” in Search Assessments Introduction: During the course of a Search and Seizure action, it is seen in practice that incriminating material in the form of documents, diaries and other evidences are found
Income Tax Search and Seizure: Application of seized assets during the course of an Income Tax search towards the self-assessment tax liability of an assessee- whether permissible
Income Tax Search and Seizure: Application of seized assets during the course of an Income Tax search towards the self-assessment tax liability of an assessee- whether permissible Introduction: The application of assets seized during the course of search and seizure action is governed by the provisions
An Interplay- Income Tax Search and Seizure and Income Tax Settlement Commission
An Interplay- Income Tax Search and Seizure and Income Tax Settlement Commission Introduction: Chapter XIX-A of the Act pertains to the settlement of cases. Under sub-section (1) of section 245C of the Act, an assessee at any stage of a case relating to him can