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2014 (4) TMI 933 - AT - Income TaxValidity of proceedings u/s 153C of the Act Income from house property and income from capital gain Held that:- The decision in Hardevi Keshwani Versus A. CIT, Central Circle, Agra [2013 (8) TMI 105 - ITAT AGRA] followed - No satisfaction note has been recorded in this case before initiating proceedings u/s. 153C of the IT Act - The AO did not make any addition against the assessee on the basis of any adverse material - No material is produced to prove that the AO in the case of person searched was satisfied that any money, bullion, jewellery or other valuable articles or things or books of accounts, or documents seized or requisitioned belong to or belonging to a person other than person referred to in section 153A of the IT Act - No material is produced to show if any satisfaction was recorded by the AO in that case that the seized material belongs to the assessee. The requirements of section 153C are not satisfied - May be the assessee owned up Rs.4,00,000/- cash found during the course of search and declared in assessment year 2008-09, but according to the assessee, it was regular assessment u/s. 143(3), i.e., after search was completed - the conditions of section 153C are not satisfied, thus, there is no justification to sustain the initiation of proceedings u/s 153C of the IT Act the order of the CIT(A) set aside Decided in favour of Assessee.
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