Validity of assessment u/s 153A - ‘Document’ was seized during ...

Seized Document's Ownership Dispute: Assessing Officer's Lack of Evidence u/ss 153A, 132(4A)(i), and 292C(1)(i) Raises Questions.

July 7, 2020

Case Laws Income Tax AT

Validity of assessment u/s 153A - ‘Document’ was seized during the course of the search proceedings from the premises of Cosmos group, therefore, as per Sec. 132(4A)(i) and Sec. 292C(1)(i) of the Act, the normal presumption would be that the said ‘document’ belonged to the said searched person i.e Cosmos group. Nothing is discernible from the “satisfaction note” as to how the aforesaid presumption was rebutted by the A.O, and on what basis the seized document which was generated, created, maintained and retrieved from the e-mail account of the assessee, from its office premises, was held by the A.O as belonging to the assessee and not the searched person i.e Cosmos group.

View Source

← Previous Next →

Validity of assessment u/s 153A - ‘Document’ was seized during ...

Seized Document's Ownership Dispute: Assessing Officer's Lack of Evidence u/ss 153A, 132(4A)(i), and 292C(1)(i) Raises Questions.

July 7, 2020

Case Laws Income Tax AT

You may also like:

Assessment u/s 153A - Validity examined. Assessments cannot be framed without incriminating material found during search u/s 132. Completed assessments u/s 143(3) cannot...

Assessment u/s 153A - Addition u/s 69A by the Assessing Officer on account of difference in amount credited in bank and sale proceeds shown in the income tax return. It...

Assessment passed u/s.153A - Presumption in case of seized documents - Assessee’s son was also covered under the search in the same premises and the document found from...

Assessment u/s 153A - unexplained investment - the Assessing Officer failed to record as to how the documents found during search reflected any undisclosed income of the...

Assessee's petition dismissed. HC held seizure of jewelry stock u/s 132A valid. Itemized stock register not furnished by assessee to authorities' satisfaction. Net...

Assessment u/s 153A - replacement of Chapter XIV-B provisions and introduced Sections 153A, 153B and 153C in the Act by Finance Act, 2003 - The new Section 153A provides...

The assessment years beyond six years but not exceeding ten years can be reopened u/s 153A only if the Assessing Officer possesses evidence depicting escapement of...

Addition u/s 68 cannot be made solely based on sworn statement recorded u/s 132(4) without corroborative materials. Onus lies on the Department to collect cogent...

Amendment of section 124. - jurisdiction of Assessing Officers - in a case where a search is initiated under section 132 or books of account, other documents or any...

Unsubstantiated and uncorroborated seized material alone cannot be considered conclusive evidence for additions u/s 69B. The words "may be presumed" in Section 132(4)...

Assessment u/s 153C - undisclosed receipts as allegedly received by the assessee - reliance on the statement of persons (from whose possession the material was seized) -...

Use of materials seized and the statement furnished by the third parties against the assessee - the opportunity for the rebuttal to the assessee for the seized documents...

The key points from the legal text are: Section 153A assessment - Limitation period applies based on when seized materials were handed over to the Assessing Officer...

Addition u/s 69B - assessment u/s 153A - search action u/s.132 and seized incriminating documents - Purchase of land - If there was some doubt, revenue ought to have...

ITAT ruled against additions made under section 69 for alleged cash loans and notional interest. The additions were based solely on documents seized during third-party...

Quick Updates: