13 ViewsIncome Tax Department conducted search and seizure operations on a business group operating largely in North Bengal region of the State of West Bengal. The business group is controlled by a person with an active political background. Search was also conducted on his close business associate. The group is engaged in a variety of […]
Steel firm evades Rs. 650cr tax: I-Tax dept
24 ViewsThe Income Tax department on Monday claimed to have recovered Rs. 15 crore cash from searches at 60 locations related to steel manufacturing company, spread across four states, including UP. Sources in the I-T department said that the company evaded tax to a tune of around Rs. 650 crore. Apart from UP, searches were […]
Supreme Court ruling on Income Tax searches big relief to taxpayers
22 ViewsThe Supreme Court has held that the income tax (I-T) department cannot reopen completed assessments under the Section 153A of the I-T Act, unless “incriminating material” is unearthed during search and seizure operations. Any other material emanating from the search can’t be relied on for issuing re-assessment orders. The ruling, tax experts said, could […]
Search and seizure action by Income Tax Department in Karnataka
25 ViewsIncome Tax Department commenced a Search & Seizure operation in the case of some Cooperative Banks, in the State of Karnataka, on 31.03.2023. These cooperative Banks have been found to be engaged in routing of funds of various business entities of their customers, in a manner, so as to abet them to evade their […]
Addition to be made for unexplained cash found during search proceedings – ITAT
49 ViewsThe ITAT, Chennai in R. Muthukumar v. Deputy Commissioner of Income Tax [ITA No.: 3090/Chny/2019 dated February 15, 2023 has upheld the findings of the Appellate Authority and held that, there is no error in the reasons given by the Appellate Authority to sustain the additions towards the cash seized during the course of […]
Search & Seizure proceedings cannot be initiated unless there is sufficient material against the assessee
63 ViewsThe Hon’ble Supreme Court in Union of India & Ors. v. M/s. Magnum Steel Ltd. [Civil Appeal Nos. 9597-9599 of 2011 dated March 2, 2023] has held that, the person authorizing the search must express its satisfaction that the material is sufficient for it to conclude that search is necessary. Further held that, there […]
Enforcement Directorate searches GST, Labour offices in Chhattisgarh
57 ViewsTwo days after the Enforcement Directorate (ED) swooped down on Congress leaders, the central agency sleuths on Wednesday are carrying out searches in various departments housed in the Chhattisgarh government’s capitol complex as part of their ongoing probe under the Prevention of Money Laundering Act. A team of ED officials, accompanied by the Central […]
Union Budget proposes changes to Income Tax search and seizure provisions
81 ViewsThe Union Budget 2023-24 has proposed certain changes to the Income Tax search and seizure provisions in view of the increased use of technology and digitisation in the management and maintenance of accounts, digitisation of data, cloud storage and other associated aspects. Section 132 of the Income-Tax Act pertains to the procedure for the […]
GST officers have no power to seize cash during search operations
59 ViewsThe Hon’ble Delhi High Court in Arvind Goyal CA v. Union of India & Ors. [W.P.(C) 12499/2021 dated January 19, 2023] has held that, seizure under Section 67 of the Central Goods and Services Tax Act, 2017 (“the CGST Act”) is limited to goods liable for confiscation or any documents, books or things which […]
Directed to refund the payment deposited during search proceedings without issuing acknowledgement being not voluntary
121 ViewsThe Hon’ble Delhi High Court in M/s. Vallabh Textiles v. Senior Intelligence Officer And Ors [W.P.(C) 9834/2022 dated December 20, 2022] has held that the amount deposited during search proceedings without an acknowledgement of acceptance issued in Form GST DRC-04 as mandated under Rule 142 of the Central Goods and Services Rules, 2017 (“the […]