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The search and seizure operation u/s 132 of the Income Tax Act usually results in seizure of jewellary . However, CBDT has made it a rule that keeping in view of the Indian society , even if a person does not file return or having no taxable income can have certain quantity of gold jewellery . Minimum Jewellary Not to be Seized The...
Powers of search and seizure under Income Tax Act is very wide. It has been provided under section 132(1)(iii) of the I.T. Act that an authorised officer can seize any such books of account, other documents, money, bullion, jewellery or other valuable article or thing found as a result of search on a person ....
Kolkata , ITAT B Bench in a very recent judgement in case of CIT vs Vaibhav Tulsian in I.T.A No. 1695/Kol/2011 vide its order dt 20/04/2012 held that the seized cash should be first adjusted with the tax liability arisen as a result of search assessment and then only computation of interest u/s 234B &...
It is very common for the investigation wing to continue search for days in premise of the assesses and make interrogation of the tax payer in dead night . That is physically and psychologically humiliation for any tax payer whose premise is searched. Patna High Court in its order dated 2nd Feburary 2012 in Chief CIT...
Issue of notice u/s 143(2) before passing search assessment order has been controversial issue . This is for simple reason that no clear provision regarding issue of notice has been given in the Income T Act in case of search proceeding u/s 153A . Therefore, among many grounds on which counsel for assessee challenge order...
Deduction u/s 80E of the Income Tax Act is allowed to individuals who takes education loans for … [Read More...]
The tax deduction u/s 80DDB of the Income Tax Act provides relief to tax payers who are individual … [Read More...]
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