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2012 (10) TMI 399 - AT - Income TaxValidity of notice issued u/s 158BD – Satisfaction recorded by AO in pursuance of issuance of notice u/s 158BD - Assessee contended that no satisfaction whatsoever has been recorded by the A.O of the searched persons(s) against the assessee which could validate the assessment proceedings against the assessee - AO of the assessee requested the AO of the searched persons(s) to issue him a letter so that the proceedings can be started against the assessee u/s 158 BD - Notice u/s 158BD cannot be issued by him unless a letter to that effect is received - Held that:- The quantification by the DDI(Inv) of the undisclosed income in the hands of assessee cannot be termed or equated with “satisfaction” recorded by the AO of the searched persons(s). And also no material whatsoever has been handed over by the AO of the searched person(s) to the AO of the assessee on the basis of which such alleged “satisfaction” is recorded. There is complete lack of any “satisfaction” recorded by the AO of the searched persons(s) as the letter dated 8/3/2001 does not record any “satisfaction” against the assessee which can only be said to be the “satisfaction” of AO of the searched person(s). Therefore, assessment proceedings carried out against the assessee are not valid for the reason that notice u/s 158BD was issued without fulfilling the condition precedent necessary for issue of notice u/s 158BD. Appeal decides in favour of assessee
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