Search Results For: 132


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?
ANSWER: Click here to read the full answer of the expert
EXPERT:
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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

QUERY: Can the assessee get his stock in hand under seizure (lying with himself but under the seizure order) released in view of insertion of proviso to section 132(1)(B)(iii) w.e.f. June 1, 2003, though the search in his case was one before its insertion? The intent of this amendment proves that stock-in-trade should not be kept under seizure.
ANSWER: Click here to read the full answer of the expert
EXPERT:
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Firstly, it is not clear from the query, whether stock seized before June 01,2003 relates to a business. In case there are any items found from the possession of the assessee for which the assessee is not doing any business activity,