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INCOME TAX SEARCH U/S 132. PRESENTED BY: DR. RAJ K. AGARWAL M.COM, FCA, FCS, AICWA, LLB, Ph.D M/S RAKESH RAJ & ASSOCIATES CHARTERED ACCOUNTANTS. INCOME TAX SEARCH U/S 132. Highly rigorous process. Harshest weapon with Department. Invading privacy completely. INCOME TAX SEARCH U/S 132.

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income tax search u s 132

INCOME TAX SEARCH U/S 132

PRESENTED BY:

DR. RAJ K. AGARWAL

M.COM, FCA, FCS, AICWA, LLB, Ph.D

M/S RAKESH RAJ & ASSOCIATES

CHARTERED ACCOUNTANTS

income tax search u s 1321

INCOME TAX SEARCH U/S 132

Highly rigorous process.

Harshest weapon with Department.

Invading privacy completely.

RAKESH RAJ & ASSOCIATES, Chartered Accountants

income tax search u s 1322
INCOME TAX SEARCH U/S 132
  • OBJECTIVE:

-To collect evidences of undisclosed income/investment.

-To seize undisclosed assets.

-Deterrence effect

RAKESH RAJ & ASSOCIATES, Chartered Accountants

income tax search u s 1323
INCOME TAX SEARCH U/S 132
  • Initiation of Search Proceedings:
    • Proper search warrant by competent authority.
    • Process of search, rights and duties of the assessee and authorized officer.

RAKESH RAJ & ASSOCIATES, Chartered Accountants

income tax search u s 1324
INCOME TAX SEARCH U/S 132

Role of the counsel:

- Managing from outside

- Collection of evidences of the assets

likely to be seized.

- Reach the premises, if called for.

RAKESH RAJ & ASSOCIATES, Chartered Accountants

income tax search u s 1325
INCOME TAX SEARCH U/S 132
  • During Search Proceedings:
    • Inventorisation of cash/ jewellery/ stock/ other valuables.
    • Collection of documents/ books of accounts/ loose papers and seeking explanation.
    • Recording statement.
    • Restraint on locker/ Almirah etc.

RAKESH RAJ & ASSOCIATES, Chartered Accountants

income tax search u s 1326
INCOME TAX SEARCH U/S 132
  • Seizure of Assets/Documents:
    • Undisclosed Assets
      • Cash
      • Jewellery
      • Other valuables: FD’s/ Shares/ Securities/ KVPs/ IVPs/ NSCs/ Hundies/ Title Deeds of properties.
    • Books of accounts, documents, loose papers and electronic data.

RAKESH RAJ & ASSOCIATES, Chartered Accountants

income tax search u s 1327
INCOME TAX SEARCH U/S 132
  • Declaration of undisclosed income
    • Why surrender?
      • To avoid penalty
      • To mitigate rigors of search.
    • Penalty provisions.
      • Penalty u/s 271(1)(c) for earlier years.
      • Penalty u/s 271AAA for specified years.
    • Manner of declaration of undisclosed income.
      • Not for earlier years otherwise admitted concealment.
      • For specified years- break up- nature/ manner of earning/ year wise/ person wise.

RAKESH RAJ & ASSOCIATES, Chartered Accountants

income tax search u s 1328
INCOME TAX SEARCH U/S 132
  • Post search proceedings.

- Opening of restraints.

- Recording statement- explaining documents.

      • Retraction of statement.

-Break up of surrendered income.

-Third parties enquiries- surveys.

-Letters for:

      • Appropriating cash seized
      • Release of assets explained.
      • Photocopy of documents
      • Release of jewellery.

RAKESH RAJ & ASSOCIATES, Chartered Accountants

income tax search u s 1329
INCOME TAX SEARCH U/S 132
  • Appraisal report
    • Finding of investigation- internal report to A.O.
    • Decision of jurisdiction/ centralization.
    • Reply to questionnaire.
    • Records belonging to other persons- 153C proceedings.

RAKESH RAJ & ASSOCIATES, Chartered Accountants

income tax search u s 13210
INCOME TAX SEARCH U/S 132
  • Preparation prior to notice from A.O.
    • Completion of details/ collection of evidences.
    • Unrecorded documents- explanations- application of independent mind.
    • Ledgerisation of individuals’ affairs.
    • Illegal search- writ to high court- evidentiary value of documents seized.

RAKESH RAJ & ASSOCIATES, Chartered Accountants

income tax search u s 13211
INCOME TAX SEARCH U/S 132
  • Assessment proceedings before A.O.
    • Notice for filing returns u/s 153A.
    • Obtaining photocopies, if not received earlier.
    • Filing of returns for six years.
    • All other assessment proceedings to abate.
    • Normal assessment proceedings- completion of assessment of six years and search year.
    • Approval by Joint Commissioner

RAKESH RAJ & ASSOCIATES, Chartered Accountants

income tax search u s 13212
INCOME TAX SEARCH U/S 132
  • 153A Assessments - issues emerging :
    • Earlier years in appeal- parallel proceedings to continue.
    • Fresh assessment of disclosed income without any new information- whether constitutionally valid.
    • Interest u/s 234A for late filing of return.
    • Cash seized- whether adjustable as advance tax.

RAKESH RAJ & ASSOCIATES, Chartered Accountants

income tax search u s 13213
INCOME TAX SEARCH U/S 132
  • Notice u/s 153C- issues emerging.
    • Books of accounts/ documents belonging to other persons.
    • Recording of satisfaction and handing over records to other A.O.
    • Time limit for issuing notice.
    • Document of one year still assessment of seven years.
    • Abatement of other assessment proceedings.

RAKESH RAJ & ASSOCIATES, Chartered Accountants

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THANK YOU

RAKESH RAJ & ASSOCIATES, Chartered Accountants