Income Tax Department conducts Searches in NCR
The Income Tax Department conducted a search and survey action on a group having an interest in infrastructure, mining and real estate. More than 25...
![Tribunal failed in calculating Undisclosed Income on the basis of Evidence: Madras High Court [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/11/Tribunal-undisclosed-income-Madras-High-Court-Taxscan.jpg "Tribunal failed in calculating Undisclosed Income on the basis of Evidence: Madras High Court [Read Order]")
![Old Jewellery found in Locker can’t be treated as Undisclosed Income: ITAT deletes Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/03/Jewellery-CBDT-ITAT-Taxscan.jpg "Old Jewellery found in Locker can’t be treated as Undisclosed Income: ITAT deletes Penalty [Read Order]")
![Non-Residents not required to disclose their Foreign Bank Accounts and Assets to Indian Income Tax Authorities: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/11/Non-Resident-Taxscan.jpg "Non-Residents not required to disclose their Foreign Bank Accounts and Assets to Indian Income Tax Authorities: ITAT [Read Order]")
Assessee can’t be Taxed on Undisclosed Income which is already Taxed in the hands of Partnership Firm: ITAT [Read Order]
In Maheshbhai Shantibhai Patel & Ors. vs. ITO, the Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) held that the assessee couldn’t be taxed on the undisclosed income where the undisclosed...
![Assessee can’t be Taxed on Undisclosed Income which is already Taxed in the hands of Partnership Firm: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/10/Undisclosed-Income-Taxscan.jpg "Assessee can’t be Taxed on Undisclosed Income which is already Taxed in the hands of Partnership Firm: ITAT [Read Order]")
Admission of Bogus purchases to Inflate work in progress during Search necessarily invites Imposition of Penalty: ITAT [Read Order]
While hearing the case of Centaur Mercantile P. Ltd, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) recently held that the admission of bogus purchases to inflate work in progress during...
![Admission of Bogus purchases to Inflate work in progress during Search necessarily invites Imposition of Penalty: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/10/Penalty-TaxScan.jpg "Admission of Bogus purchases to Inflate work in progress during Search necessarily invites Imposition of Penalty: ITAT [Read Order]")
Income Voluntarily surrendered during Search cannot be treated as ‘Undisclosed Income’ for Imposing Penalty: ITAT [Read Order]
Kolkata bench of the Income Tax Appellate Tribunal, in DCIT v. Shri Ravi Kumar Khaitan, held that penalty under section 271AAA of the Income Tax Act is not leviable when assessee has admitted his...
A Director’s Admission to Undisclosed Income cannot be a Ground for Transferring a Case: Allahabad HC lays down Conditions for Transferring a Case u/s 127
While scrapping an order transferring a case from Delhi to Noida, the division bench of the Allahabad High Court held that the holding of the office of a director by the petitioner and his admission...
Income Tax dept. unearthed Undisclosed Income of worth Rs. 45,622 Cr, says MoS Santosh Kumar Gangwar
As part of enforcement measures and based upon credible evidence of tax evasion and other serious violations of provisions of the Income-tax Act, 1961, Income Tax Department (ITD) conducts searches in...
Income Tax Searches lead to Admission of Undisclosed Incomes of Rs. 2600 Crore since 8th November, says Finance Ministry
The Income Tax Department has continuously been carrying out investigations since the de-monetisation of Old High Denomination (OHD) currency announced by the Government on 8th November, 2016. While...
Govt introduces The Taxation Laws (Second Amendment) Bill in Parliament: Tax, Penalty & Surcharge on Black Money
The Taxation Laws (Second Amendment) Bill, 2016 has been introduced by the Finance Minister Arun Jaitley before the Parliament on Monday. The Bill proposes 30 per cent tax on undisclosed income plus...
