Search Results For: search assessment


QUERY: In the course of search under section 132 or survey under section 133A of the Act, entries of cash loans, expenditure and investments are generally found. Can the correctness of the entries be disregarded in computing the total income of the assessee under section 153A who is required to rebut the presumption as to truth of the assets, entries in seized documents raised in section 292C of the Act?
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Section 292C deems that when any material is found in premises of a person searched or surveyed, it may be presumed that material belongs to the person, that the contents of such material is true and handwriting in that document is of that person.

QUERY: Please explain the procedure for e-filing of return of a deceased’s estate till final distribution of assets i.e. maturity of Section 54EC Bonds, Tax Saving FDR., P.O. deposits etc., [section 168 (1)(a)]. Whether he will have to apply for separate PAN or PAN of deceased will serve the purpose. The basic exemption will also be available for Rs. 2,00,000/- or not applicable to deceased?
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Section 168 of the Act applies to executors as well as to administrators or other person administrating the estate of a deceased person.

Sections 159 and 168 of the Act deal with assessments on legal representatives. Section 159 of the Act is meant to enable the revenue to make an assessment on legal representation in respect of the income which accrued to or was received by the deceased,

QUERY: AB & Co., is a partnership firm having two partners A & B. In April, 2011 search u/s. 132 was conducted on both A & B partners, while survey u/s. 133 was conducted on AB & Co. Some unaccounted sale bills of AB & Co. relating to financial year 2010-11 were found at residence of A. Notice u/s. 153C dated October, 2013 was served on AB & Co. for previous six years. AO has added total of all sale bills found at residence of A in the total income of AB & Co., in financial year 2010-11.

a) Whether notice u/s. 153C issued to AB & Co., in October, 2013 is valid or time barred?

b) Whether total sale bills (and not G.P.) added is proper?
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Section 153B provides time limit for completion of assessment under section 153A. Time limit for completion of assessment for all seven years i.e. preceding six years and the year of search, is two years from the end of the financial year in which last of the authorisation for search under section 132