Assessee is company. Consequent to search proceedings U/SEc. 132 of the Act in the Year 2015-16, assessee co filed the Returns of income in response in response to Notice U/SEc. 153A for A.Y. 2010-11 to 2016-17. Assessment U/SEc. 153A r.w.s. 143(3) were completed on 28.12.2017 as per the income disclosed in the Return as no incriminating material was found. Thereafter Audit objection was received by the assessee co for A.Y. 2013-14, where the diffrence in sale as per assessment order and audit report under MVAT act was pointed out. The department has issued Notice U/Sec. 154 on 22.05.2018, to which…
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Sirs, In the absence of any incriminating material during the course of search or any adverse statement recorded in the deposition, can there any be addition to the income which was assessed under section 143(3) of the Act? Also, please guide if there are any judgements of Supreme Court in this regard. Thanking You
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Assessee is an Individual engaged in the retail business and disclosing his income u/SEc. 44AD of the Income tax. Assessee has made the booking of flat with builder. On the basis of some noting on the loose paper found during the course of search with the builder and on the basis of his statement U/Sec. 132(4) about acceptance of On Money from flat holders, Notice U/Sec. 153C was served. Assessee filed returns for 6 A.Y. and asked for the copies of seized papers, statement of builder and opportunity of cross examination. However the opportunity of cross examination the builder does…
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Assessee has purchase flat from developer. During the course of search at the premises of developer one excel sheet was found in which data regarding name of person flat no, agreement value and cash consideration was mentioned. Accountant and developer accepted in the statement recorded that they have collected on money from flat purchasers. Developer went to settlement commission and also submitted about on money as source . Assessing Officer has issued notice u/sec. 153C for 6 years to assessee on this information. Assessee has filed the returns in response to notice U/sec. 153C of the Act and submitted that…
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Assessee has individual who has purchase flat from Builder. There was search at the premises of Builder from whom assessee has purchased flat. During the course of search one statement in excel format in which name of flat holders, flat no, agreement value and on money , area etc mention. Builder has accepted that his additional income earned by him and paid the taxes. On the basis of this incriminating material and statement of Builder Assessing Officer has recorded a satisfaction note that on money amount is income to be taxable in the hands of assessee and sent the satisfaction…
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A search was conducted at various places of a group "G" thereafter, search was conducted in the case of persons who are connected or related with group "G". Search was conducted at the premises of Mr. X under the wrong presumption that Mr. X is connected/related with group "G". Mr. Y was similar named person of Mr. X. Actually, search was tobe conducted at the premisis of Mr. Y whereas it was wrongly conducted at the premises of Mr. X. During the search at the premises of Mr. X, not a sigle document / paper / valuable article or any…
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During the assessment proceeding U/s 153C whether the A.O can make enquiries relating to the issues other than issues covered by the reason recorded for issuance of notice u/s 153C of Income Tax Act. During the course of assessment proceeding U/s 153C whether the A.O should confine the finding only to the extent of the reasons recorded for issuance of a notice U/s 153C or can he go beyond the reasons recorded. Thank you
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Dear Sir, My query is as follows: If a search on a person took place on 30.09.2015 Return for assessment year 2014-15 filed on 30.03.2015 Last date for issuing notice under section 143(2) is 30.09.2015 Whether we can say, proceeding for A.Y. 2014-15 is unabated proceedings or not Whether the plea that addition can be made only on the basis of search document can be taken for A.Y. 2014-15
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Proceedings U/Sec. 263 in case of search assessment