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Cases Income tax

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

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  • 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. Mona Agarwal & Anr. v. ACIT

  • Moreover, addition was made only on statement of Sh. VK without providing copy of same ‎and without providing any opportunity to assessee to cross examine same, which was in ‎violation of principle of natural justice and against law laid down by Supreme Court of ‎India in case of Andaman Timber vs. CIT—Therefore, in present case, addition made by ‎AO on basis of statement of Sh. VK was deleted

  • Unless corroborative evidence is found during course of survey, search & seizure, addition cannot be made ‎merely on statement recorded.‎

  • the assessments which have already attained finality and does not get ‎abated, then they have to be assessed on the basis of the incriminating ‎material found during the course of search. The reason being that the ‎assessments which are pending and get abated, the entire income has to be ‎determined which includes material already on record and also the ‎material found as a result of search.‎ DCIT v. United Stock Exchange of India Ltd.

  • If a decision is challenged before the first appellate authority both on the issue of ‎validity of jurisdiction as well as merits of the case, the adjudication on validity of ‎reopening can by no stretch of imagination be liable for rejection on the ground that ‎the assessment has been decided in favour of the assessee on merits. If the order is ‎not so kindly take the ground in the appeal / cross objection to higher authority so ‎that the higher authorities will have the benefit of the decision on other points also, ‎if the necessity arises as otherwise

  • If any information belonging to ‎an assessee found during course of search at another party and Ld AO initiated ‎proceedings u/s 147/148 then the re-assessment proceedings passed u/s 148 ‎shall not stand and assessment framed by AO is null and void as the correct ‎course of initiation of proceedings is 153C and not u/s 147/148‎

  • 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.‎

  • Income—‎Unexplained cash credits— Assessee raised share capital and share premium ‎during year under consideration- There cannot be any addition u/s 68 merely ‎because assessee could not produce directors of share subscribing companies -If ‎all necessary ingredients of s. 68 had been duly complied with by assessee and ‎notices issued u/s 133(6) have been duly complied with. Revenue’s appeal ‎dismissed

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