Cash found in search action - retraction of disclosure of ...

Case Laws Income Tax

October 6, 2023

Cash found in search action - retraction of disclosure of unaccounted cash seized - by surrendering the aforesaid amount and offering to pay tax, the assessee has prevented further enquiries by the department , obviously because it could have led to further revelations / unraveling of truth as to the persons who are also implicit with assessee in transporting of cash as well other transactions undertaken by the assessee in the past. - Addition confirmed - AT

View Source

← Previous Next →

Cash found in search action - retraction of disclosure of ...

Case Laws Income Tax

October 6, 2023

You may also like:

Search u/s 132 - Entitlement refund of the seized cash which is otherwise declared ‘unaccounted money’ and taxed in the hands of the searched person - This Court does...

Addition u/s 68 - large cash withdrawal by the assessee immediately before the search and seizure operation - during search and seizure operation, the cash amount was...

CIT(A) deleted addition on unaccounted business income, accepting assessee's retraction of statement recorded u/s 132(4). CIT(A) agreed cash payment of 60 crores by...

Owner of Cash found and seized in course of search - Undisclosed income - presumption u/s 292C - if money is found in possession of any person in course of search u/s...

Resumption of seized cash/currency u/s 67 of CGST Act - Scope and definition of "goods / things" - cash was sale proceeds of unaccounted goods or not - The High court...

Addition of unaccounted money u/s 69A - cash found during the course of search u/s 132 - the assessee all along claims that said cash belongs to his brother in law who...

Interest liability u/s 234A, 234B, 234C - Cash seized during the search - To be treated as Advance Tax or not - In this case, as ROI was filed, though after the search....

Unaccounted interest payment on cash loan - search and seizure action u/s 132 - loose paper seized from the premises of an employee - Tally printouts - 'dump document' -...

Unexplained cash payments - There is also no evidence to suggest that cash withdrawn from ETLL was unused and kept with the assessee idle though repeatedly withdrawals...

Unexplained money - in cases where unaccounted entries are found recorded in the books or documents seized, section 69A cannot be invoked. This provision can be invoked...

Assessment u/s 153A - The seized paper merely reflect the date, name of transferor and transferee and number of shares. The document does not speak of any unexplained...

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....

Adjustment of cash seized during the search - AO to re-compute the tax liability - after adjusting the seized cash from the date of request made by the assessee - AT

This case pertains to the addition made u/s 69A of the Income Tax Act regarding unexplained cash found during a search operation. The assessee produced a cash book to...

Penalty u/s 271AAB for unexplained cash commission expenses u/s 69C cannot be imposed if the additional income disclosed by the assessee in the return of income is not...

Quick Updates: