Supreme Court of India
Principal Director of Income Tax (investigation) & Ors. v. Laljibhai Kanjibhai Mandalia
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What the Court ordered
In view of the above, we find that the High Court was not justified in setting aside the authorization of search dated 07.08. 2018.
Judgment, page 33
From the headnote
Income Tax Act, 1961: ss. 132 and 133 – Search and Seizure under – Reason to believe –Assessee during the fina ncial year transferred a sum of 10 Crores to a company –Assessee secure d the loan by way of a mortgage of the property –Assessee became dir ector to the company and ceased to be so the next month – Amount of Rs.10 crores was repaid with interest on different da tes and after repayment of the loan, mortgage was released- Assesse e filed his income-tax return showing the interest income which has been taxed as well – After recording reasons to believe in the sati sfaction note, search
Authorities it was built on
- 1994 Tata Cellular v. Union of India
- 1994 N. Nagendra Rao and Co. v. State of Andhra Pradesh
- 1976 Income Tax Officer, I Ward, Dist. Vi, Calcutta & Ors. v. Lakhmani Mewal Das
- 1993 Phool Chand Bajrang Lal and Anr. v. Income Tax Officer and Anr.
- 1985 Dr. Partap Singh and Anr. v. Director of Enforcement, Foreign Exchange Regulation Act and Ors.
- 1969 Income-tax Officer, Special Investigation Circle-b, Meerut v. M/s. Seth Brothers and Ors.
- 1966 S. Narayanappa & Ors. v. Commissioner of Income-tax, Bangalore
- 2015 Director General of Income Tax (investigation) Pune & Ors. v. M/s. Spacewood Furnishers Pvt. Ltd. & Ors.
- 2014 Union of India & Ors. v. M/s. Agarwal Iron Industries
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