9911796707
TMI BlogMonitoring of investigation and assessment in search cases.X X X X Extracts X X X X X X X X Extracts X X X X ..... esaid scheme, the following steps will be taken in the Investigation Wing: (i) Within one week of the date of the search, the Director of Income-tax (Investigation) will send a note on the search to the concerned Chief Commissioners of Income-tax alongwith a proposal for assigning the cases to the Central Charge, an Assistant Commissioner of Income-tax (Inv.) or any other Assessing Officer. A copy of this note will be endorsed to all the concerned Commissioners of Income-tax. (ii) The search, including all action pertaining to restraints under section 132(3) of the Income-tax Act, will be concluded expeditiously. The Appraisal Report will be forwarded to the concerned Assessing Officer within 45 days from the date of search and the seiz ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owing steps will be taken: (i) Notices under section 148, wherever required, will be is sued within 6 months of the date of the search, and all relevant assessments pertaining to the search, will be completed within 2 years from the date of the search. (ii) It will be the responsibility of the DCIT to ensure that the assessment and penalty orders are properly framed. The assessment and penalty orders in search cases will be passed with the prior approval of the concerned DCIT. Where penalty under section 271(1)(c) is not to be initiated, or is to be dropped after initiation, the same will be done only with the approval of the DCIT. (iii) Any variation in the assessment orders from the findings in the Appraisal Report and reasons there ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Board would also be keeping a watch on the comparatively bigger cases of search, i.e. where the seizure/surrender/estimated concealment is Rs. 50 lakhs or more. Each CCIT will, therefore, send to the Board a list of all search cases where seizure/surrender/estimated concealment is Rs. 50 lakhs or more and in which assessments are pending. These lists will be updated every 3 months. The list should be sent so as to reach Member(Inv.) by 16th May, 16th August, 16th November and 16th February every year. For the current financial year the first list may be sent immediately and updated thereafter so as to reach by the aforesaid dates. A separate narrative report on the qualitative aspects of the assessments in each of the cases included ..... X X X X Extracts X X X X X X X X Extracts X X X X
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