Home Highlights July 2013 Year 2013 This

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1. Unexplained salary - search and seizure proceedings - The addition made by the Assessing Officer as relates to unaccounted salary does not sustain in the eyes of law as...

2. Assistance to authorized officer during search and seizure - For the purpose of search AO now take services of any person, entity as approved by PCC or CC or PDGIT or...

3. Assessment u/s 153A - unexplained investment - the Assessing Officer failed to record as to how the documents found during search reflected any undisclosed income of the...

4. Revision u/s 263 - bogus purchase - proof of nexus between the purchases and sales - once submission/reply filed by the assessee, pursuant to enquiry by the Assessing...

5. Assessment u/s 153C - Period of limitation - although the Assessing Officer of the searched person and the other person(the assessee) was the same, satisfaction was...

6. 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...

7. Deduction u/s 80IC - proof of manufacturing activities provided or not? - whether certain incriminating documents were seized during the course of search operation as...

8. Validity assessment proceedings u/s 153C - recording of satisfaction - The ITAT examined the language of Section 153C and referenced the judgment in Ganpati Fincap...

9. Assessment u/s 153C - Now supposing a search is conducted in one year and documents of other person are handed over to the Assessing Officer, of other person or to the...

10. Penalty u/s 271AAB - no incriminating evidence, papers/documents/stock/cash were found during the search operation other than the statement of the assessee - additional...

11. Undisclosed income - addition of value of unaccounted assets - search and seizure - It is judicially well settled that when a document is found during the course of...

12. Reopening of assessment u/s 147 - Assessing Officer to usurp the jurisdiction to reopen the assessment - The first Assessing Officer has made the reassessment after...

13. Assessment u/s 153A - Addition u/s 68 - bogus LTCG - penny Stocks - whether documents found during the course of search were of incriminating nature? - The tribunal...

14. Assessment u/s 153A - While recording the statement during the course of search and seizure and survey operations, no attempt should be made to obtain confession as to...

15. Validity of the order of ITAT - Matter remitted back to the file of the Assessing Officer for reconsideration by Tribunal - Bogus LTCG - There was no material, which...