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132

B.P.Mundra > Income Tax > Cases Income tax > 132

  • No addition as undisclosed income can be made on the basis of documents which are dumb and incapable of any interpretation in proceedings u/s 132, 158BC read with Section 158BD

  • Retraction of statement given in search u/s132(4). Mere admission of additional income would not automatically entitle the assessing officer to assess the same, if the assessee disputes the same subsequently with corroborative evidences.

  • Since no incriminating material was unearthed by AO during the course of search ‎operation under section 132, therefore no addition could be made during the ‎relevant assessment year under section 153A

  • For the purpose of carrying forward the loss in terms of section 72 read with ‎section 80 of the Act, in a case where search operations have been conducted ‎under section 132 of the Act, the time to file the return within the meaning of ‎section 139(3) of the Act has to be regarded as the reasonable time afforded by ‎the consequent notice under section 153A(1)(a) of the Act.‎

  • When search operations are conducted under section 132 of the Act, the ‎obligation of the assessee to file any return remains suspended till such time that a ‎notice is issued for such purpose under section 153A(1)(a) of the Act. If the return ‎is filed by the assessee within the reasonable time permitted by such notice under ‎section 153A(1)(a) of the Act, such return would then be deemed to have been ‎filed within the time permitted under section 139(1) of the Act for the benefit ‎under section 139(3) of the Act to be availed of by the assessee.‎

  • The consideration that the loss in any year may be carried forward to the ‎subsequent year and set off against the profits and gains in the subsequent year is ‎a question that has to be determined by the assessing officer who deals with the ‎assessment of the subsequent year.‎

  • incriminating material found in survey

  • No addition in respect of share application money when names and addresses of share holders were given to AO

  • document found during the course of search

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