The Income Tax Department, assisted by the Enforcement Directorate, has conducted searches and seizure operation recently in various States of the country. Various lockers, bank accounts and premises are under propitiatory orders as per the provisions of the Income Tax Act, 1961. The seized documents/materials are being further investigated.
The search actions in some cases, prime-facie, indicate Hawala transactions and that the properties are more than the income earned. Search and Seizure action, as per the Income Tax Act, 1961, are a continuous and ongoing process based on information in the possession of the Income Tax Department. The evidences gathered during search and seizure actions are used in assessment or re-assessment proceedings of the relevant persons, as per Income Tax Act, which becomes final when assessments before the Assessing Officer and appeals before CIT (Appeals), ITAT, High Courts or Supreme Court are completed. Suitable action as per law would be taken against those found guilty.
Income Tax Raids
News posted by
CCI News Desk
Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.
Recent News :
- GST Reforms to Begin from 1st Nov 2026: Major Changes from April 2027
- Equity Tax Debate Intensifies as Investors Seek STT and LTCG Relief
- CBIC Appoints Common Adjudicating Authority for 7 Customs Notices Against Amway India
- GST Council Proposes Removing ITC Blocks to Reduce Business Tax Costs
- GST Council Proposes Simpler Compliance Amid Heavy Tax Payments and ITC Challenges
- CBDT Exempts Maharajah INR Bond Interest from TDS for Tax Year 2026-27 Onwards
- CBDT Notifies Form 173A for Tax Exemption Claims on Govt Securities Under Income Tax Act 2025
- FM Sitharaman Flags AI-Driven Capital Outflows as Concern for Indian Stock Markets
- Investment Banker Urges India to Scrap Capital Gains Tax on Foreign Investors
- TDS Challan for FY 2025-26 Valid for TY 2026-27 Under Cross-Year Utilisation Rules
Popular News
- Tax Audit Extension Demand to 31st Oct 2026 Amid GST Relief and Court Rulings
- Central Excise Duty Revised to Rs 2.5 and Rs 8.5 Per Litre from 16th October 2026
- ICAI Issues New Tender Guidelines for Practising CAs, Bars Bids Without Minimum Fees
- CBDT Revises Form 161 for Penalty Waiver Applications Under Income Tax Act 2025
- TDS Challan for FY 2025-26 Valid for TY 2026-27 Under Cross-Year Utilisation Rules
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
