CA Mohit Gupta
27 articles written by CA Mohit Gupta on ConsultEase.
Income Tax Search and Seizure : Retrospective applicability of Section 153C “2015 amendment” as held by the Supreme Court
The Supreme Court on 06th April’2023 delivered a landmark verdict in the case of Income Tax Officer vs Vikram Sujitkumar Bhatia and 114 connected cases ( in C.A. No. 911/2022 ) as it ruled that searches conducted before June 1, 2015, would also come under
Union Budget 2023-24- Proposed Changes relating to Income Tax Search and Seizure Provisions
Introduction The Hon’ble Union Finance Minister Nirmala Sitharaman has presented the last full-fledged Union Budget of the Modi government before the 2024 Lok Sabha elections on 1 February 2023. While presenting the Budget, Sitharaman said: “This Budget hopes to build on the foundation laid in
Income Tax Search and Seizure: “Insertion of Section 79a”-Plugging of Lacuna by the Finance Bill 2022
Introduction:- In the Union Budget 2022-23 through Finance Bill 2022, among other tax measures, the Hon’ble Finance Minister recommended: “Insertion of New Section 79A: – No set-off of losses consequent to search, requisition, and survey”. Para 136 of the Hon’ble Finance Minister’s Speech denotes the
Union Budget 2022-23- Proposed Changes Relating to Income Tax Search and Seizure Provisions
Introduction The Hon’ble Union Finance Minister Nirmala Sitharaman has presented the Union Budget 2022-23 of India on the 1st of February, 2022 with an aim to boost growth amid continued disruption from Covid-19 and rising inflation. The Hon’ble Finance Minister mentioned that the country is
Income Tax Search and Seizure: Declaration of Undisclosed Income to “Buy Peace” Does Not Renders an Assesse Immunity from Initiation and Levy of Penalty
Introduction:- The legislature has intentionally drafted the provisions relating to Search and Survey in the statute book of Income Tax Act, 1961 with the target of unearthing the undisclosed income of any person in form of any money, bullion, jewelry, or other valuable article or
Income Tax Search and Seizure: Controversy in Computing the Period of Limitation to Frame Search Assessments
Introduction The period of limitation for completion of assessment u/s 153A of the Income Tax Act’1961 for the searches conducted on or before 31st Day of March’2021 is governed by the provisions of Section 153B of the act. Even though Section 153A of the Income
Income Tax ConsultancyBank Lockers – Income Tax Search and Seizure
The authority and power to conduct search and seizure operations are strident and caustic power authorized by law to be taken recourse to when the conditions mentioned under different clauses of Section 132 (1) of the Act are satisfied. The jurisdictional facts that have to
Income Tax ComplianceWhether any incriminating material found during the course of an Income Tax Search on any other person can be considered in the assessment under Section 153A of the assessee – A study
Section 153A provides the procedure for completion of assessment in case of a person where a search is initiated under Section 132 or books of account or other documents or any assets are requisitioned under Section 132A after 31st May 2003 but on or before
Post Income Tax Search and Seizure Findings of Incriminating Material and Undisclosed Income Cannot Be Pressed for Supporting the Authorization of an Income Tax Search- a Study
Introduction: Authority and power to conduct search and seizure operations is strident and caustic power authorized by law to be taken recourse to when the conditions mentioned under different clauses of Section 132 (1) of the Act are satisfied. The jurisdictional facts that have to
Income Tax ComplianceNew Regime of Income Tax Search and Seizure Assessments – Glaring Implications
Introduction:- The Hon’ble Union Finance Minister Nirmala Sitharaman had presented the Union Budget 2021 of India on the 1st of February, 2021. In significant changes to the taxation process, among other tax measures, the Hon’ble Finance Minister recommend paradigm changes to the provisions relating to
Income Tax ComplianceIncome Tax Search and Seizure: Importance of Statement u/s 132(4) of the Income Tax Act’1961, Retraction thereof.
Introduction:- Authority and power to conduct search and seizure operations is strident and caustic power authorized by law to be taken recourse to when the conditions mentioned under different clauses of Section 132 (1) of the Act are satisfied. The jurisdictional facts that have to
Income Tax Search and Seizure: Understanding the gamut of Dumb Documents unearthed in an Income Tax Search and Seizure action
Introduction:- It is seen in the course of practice on the subject that during the course of Search and Seizure actions, voluminous documents are seized which may also include numerous loose papers, diaries, note pads which may contain rough calculations, vague notings, scribbling, and jottings,