Home Highlights October 2016 Year 2016 This

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1. 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...

2. Reopening of assessment u/s 147 or assessment u/s 153C - reassessment was made based on the materials found in the course of search conducted on third party - The...

3. Assessment u/s 153A - Assessment for AY 2006-07 was already completed prior to the date of search and having not abated, the scope of proceedings u/s.153A of the Act had...

4. Assessment u/s 153A - Addition u/s 68 - bogus LTCG - Except the statement of the assessee u/s. 132(4) agreeing for the addition there is no seized incriminating material...

5. Validity of the assessment u/s 153A - addition on the basis of post search inquiry - No addition based on any incriminating material found during the course of search -...

6. Assessment u/s 153A - additions in unabated assessments - additions in unabated assessments without any incriminating material found during the course of search u/s 132...

7. Validity of Assessment u/s 153A - The information obtained from outside agencies which was confronted with the assessee during the search cannot be considered as...

8. Assessment u/s 153A - incriminating material found in search or not? - On the date of search, admittedly, the assessment with respect to the AY under consideration...

9. Unexplained investments - There is no positive and credible evidence brought on record by the revenue to establish the allegation of cash payment over and above the...

10. Survey u/s 133A versus search u/s 132 – ITAT is correct in saying that the material found during the course of survey operations is independent and has nothing to do...

11. 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...

12. Assessment u/s 153A or u/s 147/148 - any incriminating information of any undisclosed income of the person not searched which was found during the course of a search...

13. Claim of bad debts against the undisclosed income found during search not allowed - AT

14. 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...

15. Assessment u/s 153A - The seized paper merely reflect the date, name of transferor and transferee and number of shares. The document does not speak of any unexplained...