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2015 (2) TMI 713 - GUJARAT HIGH COURTUndisclosed income of any other person - notice under section 158BC - petitioner is a co-operative society - Held that:- In the present case, the Revenue has not produced any evidence to show that the Assessing Officer of the searched person had arrived at a satisfaction during the course of such proceedings that the undisclosed income belong to the present petitioner. In the affidavit-in-reply also, all that is stated is that during the search against the Piyush Shroff HUF, certain incriminating documents were seized, on the basis of which the deponent of the affidavit-in-reply is satisfied that based on the material seized from the office of the "Karta" of HUF, undisclosed income belong to the present petitioner Co-operative Credit Society. Even in the affidavit-in-reply, it is nowhere stated that such satisfaction was arrived at during the course of proceedings under section 158BC of the Act and that such satisfaction was recorded by the Assessing Officer. Neither in the affidavit-in-reply nor through the documents this vital aspect emerges. The important precondition for action under section 158BD of the Act, therefore, having not been satisfied, the action must fail. On this ground, the impugned notice dated October 3, 2005 is quashed. - Decided in favour of assessee.
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