Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (3) TMI 1866 - AT - Income TaxAssessment u/s 153C - Whether mandatory requirement of the recording of the satisfaction note for the exercise of the power under Section 153C has not been complied with? - HELD THAT:- Circular issued by the CBDT No.24/2015 dated 31.12.15 when applied to the present case, shows that the mandatory requirement of the recording of the satisfaction note for the exercise of the power u/s 153C has not been complied with either at the time of the institution of the proceedings against the searched person under Section 153A or in the course of the assessment proceedings u/s 153A in the case of the searched person or immediately after the assessment proceedings were completed under Section 153A of the searched person. Though it has been submitted that, the Assessing Officer of both the searched person and the assessee are the same, still in view of the circular issued by the CBDT as requisite satisfaction has not been recorded, respectfully following the decision in the case of Pepsi Foods Pvt. Ltd. [2014 (8) TMI 425 - DELHI HIGH COURT] as also following the principles laid down in the case of Arihant Aluminium Corporation [2016 (5) TMI 791 - KARNATAKA HIGH COURT] and the circular issued by the CBDT in Circular No. 24/2015 dated 31.12.2015, the notices issued on the assessee under Section 153C and consequently assessments completed under Section 143(3) read with section 153C stands annulled. In the circumstances appeals filed by the assessee stands allowed and the appeals filed by the revenue stands dismissed.
|