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2015 (3) TMI 1012 - AT - Income TaxAssessment u/s 153C - lack of satisfaction note - Held that:- we set aside the assessment and the impugned orders for the reason that the AO of the persons searched, namely, Sh. B.K. Dhingra, Smt. Poonam Dhingra & M/s Madhusudan Buildcon Pvt. Ltd. did not record any satisfaction that some money, bullion, jewellery or books of account or other documents found from these persons belonged to the assessee. The absence of such satisfaction, in our considered opinion, did not translate into conferring a valid and lawful jurisdiction to the AO of the assessee to proceed with the matter of assessment u/s 153C of the Act for all the years under consideration. In the light of the judgment of the Hon’ble jurisdictional High Court in the case of Pepsi Foods Pvt. Ltd. (2014 (8) TMI 425 - DELHI HIGH COURT) and also the findings of the earlier Benches of this Tribunal (supra), we hold that since there was no ‘satisfaction Note’ by the AO of searched person prior to initiation of proceedings u/s 153C of the Act, the assessments concluded on the assessee u/s 153C of the Act r.w.s 153A of the Act lack jurisdiction and the same are hereby quashed. - Decided in favour of assessee.
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