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Articles by CA.Mohit Gupta

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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.

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Posted in Income Tax |   909 Views


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.

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Posted in Income Tax |   5763 Views


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.

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Posted in Income Tax  2 comments |   1014 Views


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.

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Posted in Union Budget |   5886 Views


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.

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Posted in Income Tax |   1224 Views


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.

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Posted in Income Tax |   5997 Views


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.

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Posted in Income Tax |   711 Views


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...

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Posted in Income Tax |   1188 Views


Issuance of notice u/s 131 (1A) of the IT Act 1961 after conclusion of IT Search and Seizure u/s 132 of the IT Act 1961 - Legal Paradox

  CA.Mohit Gupta    03 November 2020 at 17:23

Issuance of notice u/s 131 (1A) of the IT Act 1961 after conclusion of IT Search and Seizure u/s 132 of the IT Act 1961 - Legal Paradox

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Posted in Income Tax  1 comments |   4494 Views


Key observations of the Performance Audit report on Income Tax Search and Seizure Assessments

  CA.Mohit Gupta    27 October 2020 at 09:59

Summary of key findings and recommendations in the CAG’s performance audit report on income tax search and seizure assessments (Report no.14 of 2020)

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Posted in Audit |   1392 Views