Tag Archives: Section 153A

Disclosure of unaccounted income due to search – No Penalty – Delhi High Court

By | March 16, 2017

Issue For the relevant assessment year 2005-06, Assessee reported its income through a return under Section 139(1) of the Act, declaring an income of Rs.1,72,799/- on 30.12.2005 A search and seizure operation under Section 132(4) of the Act was carried out on 11.01.2007 in the premises of the assessee’s group companies and directors of the… Read More »

Incriminating material during search is pre-requisite for assessment of other person under sec. 153C

By | September 17, 2016

Held We are in agreement with the views expressed by the Karnataka High Court that incriminating material is a pre-requisite before power could have been exercised under section 153C read with section 153A. HIGH COURT OF CALCUTTA Commissioner of Income-tax, Kolkata-III v. Veerprabhu Marketing Ltd. GIRISH CHANDRA GUPTA AND ARINDAM SINHA, JJ. IT APPEAL NO.… Read More »

Interest u/s 234B from first day of AY to give effect to order of Settlement Commission

By | July 25, 2016

IN THE ITAT JAIPUR BENCH Anil Hastakala (P.) Ltd. v. Assistant Commissioner of Income-tax, Central Circle, Alwar T.R. MEENA, ACCOUNTANT MEMBER AND LALIET KUMAR, JUDICIAL MEMBER IT APPEAL NOS.605 AND 606 (JP.) OF 2015 [ASSESSMENT YEARS 2003-04 & 2004-05] APRIL  28, 2016 P.C. Parwal, CA for the Appellant. Kailash Mangal, JCIT for the Respondent. ORDER… Read More »