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2014 (3) TMI 432 - HC - Income TaxRequirement of recording satisfaction u/s 158BD of the Act - Search u/s 158BC of the Act Block Assessment conducted - Whether the assessing officer is bound to record satisfaction within the meaning of section 158BD of the Act during the process of assessment of the person searched under section 158BC of the Act Held that:- The decision in CIT v. UmeshChandra Gupta [2014 (2) TMI 521 - DELHI HIGH COURT] followed - the jurisdiction to issue the notice under section 158BD and the consequent time period prescribed under section 158BE in respect of third parties gets defined within the two years time period given to the assessing officer of the searched person under section 158BE (1) of the Act - the terminal date as per the decision of Division Bench of this Court would be the end of the two-year period prescribed in section 158BE (1) of the Act. The assessing officer is bound to record the satisfaction within the meaning of section 158BD of the Income-tax Act, 1961 within the two-year time period stipulated in section 158BE(1) of the said Act - since the satisfaction was recorded beyond that period, the assessment proceedings are without jurisdiction the order passed by the Income Tax Appellate Tribunal the assessment proceedings are set aside Decided in favour of Assessee.
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