Presumptions in Search and Survey Introduction Sections 132(4A) and 292C create legal presumptions regarding books of account, documents, and assets found during search or survey. These presumptions shift the burden on the person from whose possession or control such material is found. They are rebuttable and do not extend to third parties. Presumptions relating to handwriting or signature… Read More »
Issuing of Summons under Income-tax Introduction Specified income-tax authorities may issue summons under Section 131 to gather evidence for ongoing proceedings, investigate suspected concealment of income, or obtain information relating to DTAA matters. These authorities possess powers similar to those of a civil court under the Code of Civil Procedure, 1908. Meaning and Purpose of Summons A… Read More »
Post Search Proceedings Introduction Post-search procedures include lifting restraints, collecting seized material, preparing the appraisal report, and initiating assessment proceedings. The appraisal report summarises findings and guides the Assessing Officer in determining undisclosed income. Block assessment provisions apply to searches conducted on or after 01-09-2024. Opening of Restraints Restraints imposed under Section 132(3) during search may relate… Read More »
Recording of Statement Introduction Section 132(4) empowers authorised officers to record statements on oath during search operations. Such statements have evidentiary value and may enable the assessee to obtain immunity from penalties if undisclosed income is voluntarily declared. The evidentiary weight depends on the circumstances of recording and corroborative material. Purpose of Recording Statement Recording statements… Read More »
Restraint Order Introduction Section 132(3) empowers authorised officers to issue restraint orders during search operations when immediate physical seizure of assets is not practicable. Such orders remain valid for 60 days, and any contravention attracts prosecution under Section 275A . Purpose and Scope of Restraint Order Restraint orders allow the authorised officer reasonable time to decide whether to… Read More »
Seizure Introduction The Income-tax authorities may seize books of account, documents, and undisclosed assets such as money, bullion, jewellery, and other valuable articles during a search under Section 132 . Disclosed assets, immovable property, and stock-in-trade are not liable to seizure. Before seizure, the assessee may be given an opportunity to demonstrate that assets are disclosed. Scope… Read More »
Rights and Duties of Taxpayers During Search Introduction The CBDT’s Taxpayers’ Charter outlines key rights and duties of taxpayers during search operations. These rights also stem from statutory provisions and established procedural safeguards. Taxpayers must cooperate with the search team, while officers must conduct the search fairly and transparently. Rights of Taxpayers During Search Production… Read More »
Search Warrant Introduction A search warrant under Section 132 of the Income-tax Act enables tax authorities to conduct a search when there is credible information and a recorded “reason to believe” that a person has failed to comply with summons or notices or is in possession of undisclosed income or assets. The warrant must be issued in… Read More »
password to open sbi bank statement downloaded from net banking The password for your SBI bank statement PDF, when downloaded via net banking or email, is typically structured as last FIRST FIVE CHARACTERS of your NAME IN CAPITAL LETTER followed by your date of birth in DDMMYYYY format IF YOUR NAME IS SATBIR AND… Read More »
Power of Officers while Conducting Search Operations Introduction Section 132 of the Income-tax Act empowers authorised officers to conduct search operations for discovering books of account, documents, money, bullion, jewellery, or other valuable articles or things representing undisclosed income. These powers operate alongside Rule 112 of the Income-tax Rules and are exercised only in accordance with statutory safeguards.… Read More »