Legal presumption u/s. 132(4A) &s.292C - whether cannot be given ...

Presumptions in Income Tax Act don't limit to searched individual; irrelevant if no specific mention in seized documents.

January 24, 2024

Case Laws Income Tax AT

Legal presumption u/s. 132(4A) &s.292C - whether cannot be given restrictive interpretation so as to consider applicable only to the searched person and not to other person? - Even if it is considered for any reason that the provisions of Sec.132(4A) & s.292C of the Act are applicable to the assessee, the same has no bearing on the issue under consideration, because, in the said document there is no reference to the name of the assessee or the concerned property at Bangalore in the relevant entry in the seized cash book. - The rebuttal presumption cannot extend to the receipt of such cash by the assessee in absence of any reference to the name of the assessee or the concerned property at Bangalore in the relevant document. - AT

View Source

← Previous Next →

Legal presumption u/s. 132(4A) &s.292C - whether cannot be given ...

Presumptions in Income Tax Act don't limit to searched individual; irrelevant if no specific mention in seized documents.

January 24, 2024

Case Laws Income Tax AT

You may also like:

The presumption u/s. 292C is a rebuttal presumption. The presumption as envisaged in section 292C is limited to the correctness of the documents found at the time of...

Loose papers found during a search at the residences of individuals contained notings and calculations presumed by the Assessing Officer (AO) to relate to undisclosed...

Introduction of block assessment provisions in cases of search u/s 132 and requisition u/s 132A for early finalization of search assessments, coordinated investigation,...

Validity of search and seizure u/s 132 - The Bombay High Court quashed the search and seizure actions conducted by the Income Tax Department u/s 132 of the Income Tax...

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)...

Penalty u/s 271(1)(c) was levied on additional income voluntarily offered in the statement recorded u/s 132(4). However, no reference was made to corroborative...

Undisclosed turnover - Estimation of income - The presumptions u/s. 292C are rebuttable presumptions and they do not lead to conclusive evidence. The assessee has right...

The powers vested in the officer armed with a search warrant are limited to searching the entire premises. Once the premises are searched, the search party would have to...

Levy of service tax - renting of property jointly owned by five persons - receipt of rental income by every individual is only subject to liability of service tax. If...

Search and seizure – In the Statement of income of assessee that the income received on were disclosed in the regular return, of income prior to the date of search - No...

HC ruled on validity of assessment under Section 153C, clarifying that discovery of documents pertaining to third parties during search operations triggers jurisdiction,...

ITAT upheld assessment beyond limitation period under s.153A as search evidence revealed undisclosed income exceeding Rs. 50 lakhs covering 7th to 10th assessment years....

Validity of assessment u/s 153C - Presumption - Scope of documents belongs to assessee - ven if the draft financials were provided by the assessee to the searched...

The Income Tax Bill 2025 introduces substantial modifications to residential status provisions compared to the Income-tax Act 1961. Key changes include restructuring...

The case involved the scope of limited scrutiny and the validity of a notice u/s 143(2) of the Income Tax Act. The assessee's case was selected for limited scrutiny to...

Quick Updates: