Home Highlights September 2012 Year 2012 This

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1. Search and seizure proceedings initiated u/s 132 - a diary that was found during the search were seized recordings of various transactions with abbreviations and amounts...

2. Validity of Search and seizure action carried out u/s 132 - stock-in-trade (jewellery) was seized - Denial of release of jewellery - No hesitation to observe that the...

3. Seizure of cash in election by ECI - IT Dept. has completely failed to appreciate that neither the seizure was u/s 132 nor the pre-requisite to an exercise of search and...

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

5. Search and seizure u/s 132 - sufficiency and insufficiency of reasons to belief for warrant of authorization - Even if it is presumed for a moment that warrant relating...

6. 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...

7. Search u/s 132 - Entitlement refund of the seized cash which is otherwise declared ‘unaccounted money’ and taxed in the hands of the searched person - This Court does...

8. Validity of search u/s 132 - place of search - the search conducted in the premises in which the assessee may not be carrying on the business would not nullify the...

9. Excess stock found during survey - search conducted u/s 133A - the excess stock found during search is nothing but business stock carried on by assessee which is not...

10. Period of limitation u/s 153 - Assessment in search cases - To allow the AO to conduct proper scrutiny and consider or align all relevant information gathered in case of...

11. Addition u/s 68 - large cash withdrawal by the assessee immediately before the search and seizure operation - during search and seizure operation, the cash amount was...

12. Search and seizure - validity of proceeding initiated under Section 67 of the Act - if the said Panchanama is perused, it is evident that on the date of search itself,...

13. Validity of assessment u/s 153A - ‘Document’ was seized during the course of the search proceedings from the premises of Cosmos group, therefore, as per Sec. 132(4A)(i)...

14. Income from other sources or Business income - Search u/s 132(4) - cash was found from the residential and business premises of the assessee - held as business income - AT

15. Release of cash seized from the Petitioner - More than 6 months have passed from the date of seizure - Admittedly, there is no requisition under section 132(A) of the...