Home Highlights September 2018 Year 2018 This

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1. Validity of the assessment order passed u/s 147 r.w.s. 143(3) - post search assessment - in the case on hand the pending reassessment proceedings u/s 147 got abated by...

2. Valid search - proceedings initiated under Section 132 - Note of satisfaction does record reasons calling for necessary authorization to carry out search and seizure...

3. Penalty - Assessment after search and seizure operation under section 132 - Assessee has satisfied the conditions for not levying the penalty under Section 271AAA - AT

4. Levy of Penalty u/s 271AAA or u/s 271(1)(c) - whether addition is made on estimation basis or on the basis of certain evidences, fact remains that the additions made in...

5. Initiation of penalty proceeding u/s 271(1)(c) - ndisclosed income as referred under sub-Section 1 of Section 271AAA - Impugned penalty proceeding has been initiated and...

6. Assessment u/s 143(3) - search and seizure action U/s 132 was taken during pendency of assessment proceedings - proceedings initiated U/s 143(3) stood abated by virtue...

7. Reopening of assessment u/s 147 v/s assessment u/s 153C - proceedings initiated u/s 132 - The correct course of reassessment is under section 153C not under section 147...

8. Penalty u/s.271(1)(c) or penalty u/s.271AAA - The provisions of Section 271AAA(3) of the Act specifically excludes the provisions of Section 271(1)(c) of the Act for the...

9. Penalty imposed u/s 271AAB(1)(a) - The provisions of Section 271AAB automatically attracts and the proceedings are to be carried out/completed where a search and seizure...

10. Penalty 271AAA(2) - disclosure of undisclosed income - money found during search u/s 132 - assessee has fulfilled the requirement of sub-section (2) of section 271AAA -...

11. Initiation of search and seizure u/s 132 - stock-in-trade of business cannot be seized during search and seizure operations conducted on or after June 1, 2003 - HC

12. Validity of assessment passed u/s 153A pursuant to search and seizure - The High Court has observed and held that, the assessee’s assessment for the relevant year stood...

13. Penalty u/s 271AAB - search and seizure u/s 132(1) - if cash seized during the course of search and seizure, offered the same for taxation and accept the same in filing...

14. Assessment u/s 153A - replacement of Chapter XIV-B provisions and introduced Sections 153A, 153B and 153C in the Act by Finance Act, 2003 - The new Section 153A provides...

15. Validity of assessment framed by the AO u/s 153C without issuing notice u/s 143(2) - when no notice under section 143(2) is required for framing the assessment under...