Articles by CA.Mohit Gupta

Post Income Tax Search and Seizure findings of incriminating material and undisclosed income

CA.Mohit Gupta 10 November 2021 at 10:08

A vital question arises at this juncture and is also a matter of prolonged litigation as to whether the reasons to believe can come into existence after the issuance of a warrant of authorization.

Income Tax Search and Seizure: Irregularity versus an illegal Income Tax Search- Analysis

CA.Mohit Gupta 22 September 2021 at 09:32

Rule 112 of the Income Tax Rules'1962 lays down the procedure, forms of authorization, manner and other procedural effects of carrying out search and seizure action as enumerated u/s 132 of the act.

New Regime of Income Tax Search and Seizure Assessments - Glaring Implications

CA.Mohit Gupta 02 July 2021 at 09:07

Highlighting the significant changes brought in by the virtue of the Finance Act 2021 in context to the Income Tax assessments to be made in pursuance to an Income Tax Search and Seizure Action conducted u/s 132.

Importance of Statement u/s 132(4) of the IT Act 1961, Retraction thereof

CA.Mohit Gupta 22 May 2021 at 13:26

Section 132(4) of the act has been put in place by the legislature consciously so as to enable the authorized officer to collect such evidence by recording statements during the course of the search.

Understanding the gamut of Dumb Documents unearthed in an IT Search and Seizure Action

CA.Mohit Gupta 26 February 2021 at 10:02

Non-speaking seized documents are referred to as 'Dumb Documents'. In this article, we will discuss the gamut of Dumb Documents unearthed in an IT Search and Seizure Action.

Finance Bill 2021 | Paradigm shift in the provisions relating to IT Search and Seizure Assessments and IT Settlement Commission

CA.Mohit Gupta 03 February 2021 at 09:57

In, significant changes to the taxation process, among other tax measures, the FM recommended a paradigm change to the provisions relating to “Assessment in case of search or requisition viz. Section 153A to 153D” and Income Tax Settlement Commission.

Seizure of undisclosed jewellery and its assessment thereupon- Legal Treatise

CA.Mohit Gupta 08 January 2021 at 16:55

CBDT has clarified that no seizure should be made by the Search Party of the Jewellery and Ornaments found during the course of search proceedings under Section 132 of the IT Act,1961, where the same have been duly declared in the Wealth-tax returns.

An Interplay - Income Tax Search and Seizure and Income Tax Settlement Commission

CA.Mohit Gupta 30 December 2020 at 16:22

Chapter XIX-A of the Act pertains to the settlement of cases. Under sub-section (1) of section 245C of the Act, an assessee at any stage of a case relating to him can make an application for settlement in the prescribed manner.

Application of seized assets during the course of an Income Tax search towards the self assessment tax liability of an assessee - Whether permissible

CA.Mohit Gupta 10 December 2020 at 11:16

The application of assets seized during the course of search and seizure action is governed by the provisions of Section 132B of the Income Tax Act'1961. Let us understand the application of the same.

Income Tax Search and Seizure Assessments - No universal application of the "extrapolation technique" in Search Assessments

CA.Mohit Gupta 25 November 2020 at 08:37

In this article, we discuss the extrapolation technique in the Income Tax Search and Seizure Assessments and how there is no universal application regarding it...