Home Highlights February 2014 Year 2014 This

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1. Search warrant u/s 132 - Retention of cash seized in search - A return of income would be filed by the petitioner for the annual year 2019-20 only after 31st March, 2020....

2. The Income Tax Appellate Tribunal considered whether an assessee can claim deduction under Chapter VI-A of the Income Tax Act, 1961 for the first time in the return...

3. Validity of revised return filed vis-a-vis claims made thereunder - revised return treated as non-est - the appellant filed his original return otherwise than u/s 139(1)...

4. Initiation of search and seizure u/s 132 - stock-in-trade of business cannot be seized during search and seizure operations conducted on or after June 1, 2003 - HC

5. Penalty u/s 271AAB - search and seizure u/s 132(1) - if cash seized during the course of search and seizure, offered the same for taxation and accept the same in filing...

6. Seizure of cash in election by ECI - IT Dept. has completely failed to appreciate that neither the seizure was u/s 132 nor the pre-requisite to an exercise of search and...

7. Validity of search and seizure u/s 132 - The Bombay High Court quashed the search and seizure actions conducted by the Income Tax Department u/s 132 of the Income Tax...

8. When the AO rejects the revised return then the whole return is invalid. In case AO makes addition from the revised return then it means that he recognizes the revised...

9. Filing of revised return - denial of loss - Considering the revised return date as belated return, whereas original ITR was filed in time - the intimation under...

10. Exemption u/s 11 - Admittedly, the claim of exemption was made in the revised return filed within the statutory time limit but was treated as defective only on flimsy...

11. Penalty u/s.271AAB - Belated filing of regular return after search - Penalty cannot be levied u/s.271AAB of the Act, in respect of income disclosed in regular return of...

12. Valid search - proceedings initiated under Section 132 - Note of satisfaction does record reasons calling for necessary authorization to carry out search and seizure...

13. Legality of search and seizure conducted at the residential premises of the petitioner - The High Court meticulously analyzed the legislative intent and statutory...

14. Validity of manual revised returns filed - scheme of demerger approved - scheme of arrangement approved by NCLT required Petitioner and Hind Lamps to file revised...

15. Search and seizure proceedings initiated u/s 132 - a diary that was found during the search were seized recordings of various transactions with abbreviations and amounts...