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The ITAT Kolkata Bench ruled that there was no investigation conducted on the taxpayer and upholds the deletion of penalty under section 271AAB on undisclosed income. The taxpayer, M/s. Clean Coal Enterprises Pvt. Limited related to The Hind Energy Group of Companies, in which an investigation was performed under section 132(1) of the income tax […]
There are several complaints of the urgent recovery through the GST officials in the search operations, Gujarat high court directed the central and state council for a stay as temporary in collecting or taking any due or amount from the businessman till search operation goes on. It is to be implemented if they are imposed […]
The Central Board of Indirect Taxes and Customs (CBIC) mentioned the rules with respect to the process which is to happen through the Search Operation. The CBIC noticed that the proper process has not been undertaken in the search proceedings along the Panchnamas statements has not been listed according to the extant rules and instructions. […]
The Central Board of Direct Taxes released a Press Release dated October 15, 2020, in which the board notified that the Income Tax Department has carried out searches and seizure action in Delhi, NCR, and Haryana on October 14, 2020. This has been done by the department in the case of a leading advocate practicing […]
The Punjab and Haryana High Court, once the investigation was conducted and an assessment order was passed through the invoking Section 153A of the Income Tax Act for the AY 2006-07 to 2012-13, a fresh order without conducting an investigation operation would not be sustainable in law. The bench of Justice Sanjeev Prakash Sharma and […]
In the current case of three prominent businessmen in Srinagar and Kupwara on 2nd September 2020, the income tax administration has implemented contemporary research and operations. The case consolidated about the undisclosed amount and the operations have prima facie seizure of unaccounted assets and incriminating proof and relationship in unnamed transactions by certain groups. In […]
The Allahabad High Court has closed a case related to the Goods and Services Tax (GST) system, noting that the GST Appellate Tribunal (GSTAT) is now properly set up and functioning. Previously, the tribunal wasn’t operational, which meant that taxpayers had to go to the High Courts for quick solutions to their problems. The bench […]
The Delhi Bench of the Income Tax Appellate Tribunal (“ITAT”) ruled that the presumption u/s 292C of the Income-tax Act, 1961, for the ownership and truth of documents discovered in search, is rebuttable and is not conclusive in specifying undisclosed income. The taxpayer, Krishna Gopal Saraf, a salaried employee of Sarthak Vanijya India Ltd (SVIL), […]
A nationwide verification drive was initiated by the Income Tax Department on Monday, aimed at individuals and entities involved in submitting false claims for deductions and exemptions on their I-T returns. According to the Central Board of Direct Taxes (CBDT), the scope of this exercise is comprehensive, extending beyond deductions for donations to encompass those […]
