[aaykarbhavan] Initiation of search would provide sec. 153A jurisdiction even if no undisclosed income was unearthed in search

 

Initiation of search would provide sec. 153A jurisdiction even if no undisclosed income was unearthed in search

February 21, 2015[2015] 54 taxmann.com 162 (Bangalore - Trib.)

IT : Where expenses on renovation and cost of improvement of leased building were incurred only for purpose of carrying on day to day business and did not bring into existence of any capital assets, same would be allowable as revenue expenditure

IT : Addition made on account of profit on unaccounted sales were not justified, without bringing on record any evidence in form of sales bills, statement of clients, etc.

IT : Condition precedent for application of section 153A is that there should be a search under section 132, however, initiation of proceedings is not dependent on any undisclosed income being unearthed during such search

IT : Return of income filed in response to a notice under section 153A is to be treated on par with a return filed under section 139(1); therefore, charging of interest under sections 234B and 234C is mandatory

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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