- Statement recorded u/s 131 cannot be independently used for addition
- Understanding Section 131(1a) of the Income Tax Act
- I got Summon notice From income tax department under section 131(1A) – Digest of case laws
- Understanding Section 131(1a) of the Income Tax Act
- I got Summon notice From income tax department under section 131(1A) – Digest of case laws
- Statement recorded u/s 131 cannot be independently used for addition
Download: Section 131 of income tax act
Size: 50.8 MB
Statement recorded u/s 131 cannot be independently used for addition
Statement recorded u/s 131 though binds the assessee cannot be independently used for making addition unless corroborated by evidences – ITAT ABCAUS Case Law Citation: ABCAUS 2784 (2019) (02) ITAT Important Case Laws Cited/relied upon by the parties CIT Vs M/s. Hotel Meriya ; Produce Co. Ltd. vs State of Kerala ( 91 ITR 18) ; Paradise Holidays (325 ITR 013) ; Poonam Rani (326 ITR 0223) ; Pullengode Rubber Produce vs. State of Kerala (91 ITR 18)Satinder Kumar (HUF) vs. CIT (106 ITR 64) ; Avadh Kishore Das vs. Ram Gopal AIR 1979 (SC) 861 ; CIT vs. S. Khader Khan Son (300 ITR 157), K.T.M.S. Mohd. & Anr. vs. Union of India (1992) (197 ITR 196) A survey action u/s. 133A of the Income Tax Act, 1961 (the Act) was conducted and during its course, summons u/s. 131(1) of the Act was issued by the Assessing Officer (AO) to the Managing partner of the firm and statement u/s. 131 of the Act was recorded. On verification of the P&L account, the Assessing Officer found that the assessee had shown gross profit at lesser rate instead of as indicated by the Managing Partner. The Assessing Office issued a show cause notice to the assessee asking why gross profit rate should not be increased in view of the statement given by the Managing Partner. In reply, it was stated that the Managing Partner of the assessee was more into operational aspects and was not aware of the exact figures and financial rates of the company. With the help of a chart the assessee explained the fall in gp rate as bein...
Understanding Section 131(1a) of the Income Tax Act
Table of Contents • • • • • • • • Understanding Section 131(1a) of Income Tax Act Income tax laws in India are complex and can be difficult to comprehend. Section 131(1a) of the Income Tax Act is one such provision that requires proper understanding. In this blog, we will discuss the concept of Section 131(1a) and its implications in detail. Introduction to Section 131(1a) Section 131(1a) of the Income Tax Act, 1961 empowers the Income Tax authorities to share confidential information with other law enforcement agencies. This provision is critical in combating tax evasion and other financial frauds that have a nexus with other criminal activities. Sharing of Information The Income Tax authorities can share information with the following agencies under Section 131(1a): • Central Board of Direct Taxes (CBDT) • Reserve Bank of India (RBI) • Securities and Exchange Board of India (SEBI) • Insurance Regulatory and Development Authority (IRDA) • Enforcement Directorate (ED) • Directorate of Revenue Intelligence (DRI) • Central Bureau of Investigation (CBI) • Narcotics Control Bureau (NCB) • Directorate of Enforcement (DE) • Financial Intelligence Unit – India (FIU-IND) The information shared can include details about tax assessments, income tax returns, tax refunds, and any other information deemed relevant for the purpose of the investigation. Conditions for Sharing of Information The Income Tax authorities can share information with the above agencies subject to the following ...
I got Summon notice From income tax department under section 131(1A) – Digest of case laws
Please verify whether the summon has valid DIN and it’s system generated. Please also verify who is the issuing authority because only ADIT(inv) /DDIT(INV) has powers to issue 131(1A).moreover, all statutory notices have to be issued to the registered email id or to registered account in e-filing portal
Understanding Section 131(1a) of the Income Tax Act
Table of Contents • • • • • • • • Understanding Section 131(1a) of Income Tax Act Income tax laws in India are complex and can be difficult to comprehend. Section 131(1a) of the Income Tax Act is one such provision that requires proper understanding. In this blog, we will discuss the concept of Section 131(1a) and its implications in detail. Introduction to Section 131(1a) Section 131(1a) of the Income Tax Act, 1961 empowers the Income Tax authorities to share confidential information with other law enforcement agencies. This provision is critical in combating tax evasion and other financial frauds that have a nexus with other criminal activities. Sharing of Information The Income Tax authorities can share information with the following agencies under Section 131(1a): • Central Board of Direct Taxes (CBDT) • Reserve Bank of India (RBI) • Securities and Exchange Board of India (SEBI) • Insurance Regulatory and Development Authority (IRDA) • Enforcement Directorate (ED) • Directorate of Revenue Intelligence (DRI) • Central Bureau of Investigation (CBI) • Narcotics Control Bureau (NCB) • Directorate of Enforcement (DE) • Financial Intelligence Unit – India (FIU-IND) The information shared can include details about tax assessments, income tax returns, tax refunds, and any other information deemed relevant for the purpose of the investigation. Conditions for Sharing of Information The Income Tax authorities can share information with the above agencies subject to the following ...
I got Summon notice From income tax department under section 131(1A) – Digest of case laws
Please verify whether the summon has valid DIN and it’s system generated. Please also verify who is the issuing authority because only ADIT(inv) /DDIT(INV) has powers to issue 131(1A).moreover, all statutory notices have to be issued to the registered email id or to registered account in e-filing portal
Statement recorded u/s 131 cannot be independently used for addition
Statement recorded u/s 131 though binds the assessee cannot be independently used for making addition unless corroborated by evidences – ITAT ABCAUS Case Law Citation: ABCAUS 2784 (2019) (02) ITAT Important Case Laws Cited/relied upon by the parties CIT Vs M/s. Hotel Meriya ; Produce Co. Ltd. vs State of Kerala ( 91 ITR 18) ; Paradise Holidays (325 ITR 013) ; Poonam Rani (326 ITR 0223) ; Pullengode Rubber Produce vs. State of Kerala (91 ITR 18)Satinder Kumar (HUF) vs. CIT (106 ITR 64) ; Avadh Kishore Das vs. Ram Gopal AIR 1979 (SC) 861 ; CIT vs. S. Khader Khan Son (300 ITR 157), K.T.M.S. Mohd. & Anr. vs. Union of India (1992) (197 ITR 196) A survey action u/s. 133A of the Income Tax Act, 1961 (the Act) was conducted and during its course, summons u/s. 131(1) of the Act was issued by the Assessing Officer (AO) to the Managing partner of the firm and statement u/s. 131 of the Act was recorded. On verification of the P&L account, the Assessing Officer found that the assessee had shown gross profit at lesser rate instead of as indicated by the Managing Partner. The Assessing Office issued a show cause notice to the assessee asking why gross profit rate should not be increased in view of the statement given by the Managing Partner. In reply, it was stated that the Managing Partner of the assessee was more into operational aspects and was not aware of the exact figures and financial rates of the company. With the help of a chart the assessee explained the fall in gp rate as bein...
