The Delhi Bench of Income Tax Appellate Tribunal has held that the computation of six assessment years for search assessments under Section 153C of the Income Tax Act starts from the date of receiving seized documents.The bench of Saktijit Dey and Naveen Chandra has relied on the decision of the Supreme Court in the case of CIT vs. Jasjit Singh,. …
Hindi movie Raid was loosely based on the income tax search operations at the house of a Kanpur-based businessman. The appellate authorities have recognised and held that, after subjecting the taxpayer to the extreme invasion of privacy and trauma and hardship of a search action, I-T authorities are expected to discover some incriminating material to justify the reopening of completed …
The Supreme Court has reiterated that in view of the judgment of the Supreme court in Principal Commissioner of Income Tax vs. Abhisar Buildwell Pvt. Therefore, the court said that the AO’s powers under Sections 147/148 of the Income Tax Act were saved in terms of Supreme Court’s judgment in Abhisar Buildwell. The bench, however, said, “However, in view of …
