WebAug 13, 2024 · Search and seizure provisions in the Income Tax Act, 1961 were introduced by Finance Act, 1964, and have undergone a number of amendments including substantial amendments made by the Taxation Laws (Amendment) Act, 1975, and Direct Tax Laws (Amendment) Act, 1987. Sections 132 (1) of the Act as it exist read as under (relevant part … WebMay 11, 2024 · The power of search given to Income Tax authorities under the Income-tax Act, 1961 are well guarded powers and the necessary safeguards are put in place so that this power cannot be used by the authorities arbitrarily. ... of s. 132 & thus search and seizure and ex post facto warrant of authorization dt. 11th Sept., 2024 issued by …
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WebJan 8, 2024 · Introduction:. The Central Board of Direct Taxes vide Instruction no. 1916 dated 11-05-1994, clarified that no seizure should be made by the Search Party of the … WebFeb 7, 2024 · The Income Tax Department uses its search and seizure powers to accomplish the following goals: To guarantee that any risk to social welfare is … how did the titanic fall
[FAQs] on Search & Seizure provisions under the Income tax Act
WebJun 30, 2024 · Changes relating to Income Tax Search and Seizure Assessments brought in the statute by virtue of the Finance Act’2024 :-. The Finance Act’ 2024 has done away with … WebMar 8, 2024 · The Income Tax Department carries out search and seizure operations with the primary objective of addressing tax evasion and avoidance, which can pose a threat to social security. The department aims to tackle the menace of black money and uphold the law laid down by the Indian Constitution through these operations. WebSep 10, 2024 · She discusses “Powers and Procedure for Income Tax Raids (Search and Investigation)”. Income Tax Act, 1961 (hereinafter referred to as “the act”) is the code for levying and computing taxes on the income of the people and is a mandatory statute with consequences for violation of the law. With such a nature, it becomes necessary to have ... how did the titanic impact the world