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2014 (2) TMI 1168 - HC - Income TaxValidity of assessment u/s 158BD r.w.s. 158BC(c) - no satisfaction was recorded by the Assessing Officer having jurisdiction over the non-searched person - Held that:- For taking recourse to the block assessment under section 158BC in relation to the person not searched, whenever search has been conducted under section 132 or the documents have been requisitioned under section 132A, the Assessing Officer of the searched person needs to record his satisfaction that undisclosed income belongs to the person other than the person with respect to whom search was carried out under section 132 of the Act. He is also required to hand over the books of account or other documents or assets seized to the Assessing Officer having jurisdiction over such non-searched person and, thereafter, the Assessing Officer who has jurisdiction would proceed under section 158BC, against the person who has not been searched. In the instant case the Tribunal committed no error in upholding the version of the assessee-respondent. Recording of satisfaction under section 158BD being absent, without assigning separate reasons in this case, order impugned is upheld. - Decided in favour of assessee.
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