Monthly Archives: January 2025

Budget 2025 Expectations : Restore word “False” in Undisclosed Income defination This article discusses a subtle but potentially significant change in the definition of “undisclosed income” under India’s new block assessment scheme for income tax. Here’s a breakdown: New Definition of “Undisclosed Income” (Section 158B(b)): Includes: Money, bullion, jewelry, valuable items, expenditures, income based on entries… Read More »

Budget 2025 Expectations Reomove Ambiguity in the New Block Assessment Scheme This article discusses an ambiguity in the New Block Assessment Scheme under the Income Tax Act, 1961, regarding the classification of additions made during the assessment process. Here’s a breakdown: New Block Assessment Scheme: Scope: Introduced in 2024, it allows for the assessment of… Read More »

Budget 2025 Expectations :  provide relaxation from prosecution for non-disclosure of foreign movable assets under Black Money Act This Aarticle discusses an inconsistency in India’s Black Money Act (BMA) regarding penalties and prosecution for non-disclosure of foreign assets. Here’s a breakdown: Recent Amendment (Finance Act 2024): Relaxation of Penalty: Increased the threshold for penalty on… Read More »

Budget 2025 Expectations : updating the allowable limits on jewelry holdings during income tax searches in India. This passage argues for updating the allowable limits on jewelry holdings during income tax searches in India. Here’s a breakdown: Background: Cultural Significance: Gold holds deep cultural and religious significance in India, and it is a common form… Read More »

Remove Lacuna for Provisional Attachment of Property during search or seizure in Income Tax  There is a discrepancy between two sections of India’s Income Tax Act, 1961, that deal with the provisional attachment of property. Here’s a breakdown: Section 132(9B) of the Income Tax Act is  as follows ” Where, during the course of the… Read More »

Statements made during surveys do not have evidentiary value ,No Additions under Section 69A Summary in Key Points: Issue 1 (Bank Deposits): Whether the AO was justified in making an addition under Section 69A for cash deposited during the demonetization period, based on a statement made during a survey, when the assessee had provided an… Read More »