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2020 (5) TMI 528 - KARNATAKA HIGH COURTValidity of Proceeding u/s 158BC - satisfaction was not recorded before completion of assessment proceeding - Tribunal held that assessment order passed u/s 158BD read with Section 158BC is not valid and is void ab initio - HELD THAT:- Satisfaction can even be recorded immediately after completion of the assessment proceedings u/s 158BC - In the instant case, admittedly, the satisfaction has been recorded after completion of the proceedings u/s 158BC - the order passed by the AO as well as the CIT (Appeals) has been set aside by the Tribunal merely on the ground that the satisfaction has not been recorded before completion of the assessment proceedings. The aforesaid finding is contrary to law laid down in the case of CALCUTTA KNITWEARS [2014 (4) TMI 33 - SUPREME COURT]. Therefore, the same cannot be sustained in the eye of law. Substantial question of law framed by this Court is answered in the negative. In the result, the impugned order passed by the Tribunal is hereby quashed and the matter is remitted to the Tribunal to deal with the appeal on merits expeditiously in accordance with law.
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