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2013 (4) TMI 520 - HC - Income TaxInterpretation of section 153C – block assessment - search was conducted at various business premises of the assessees. Books of accounts were handed-over to the AO to pass assessment orders. The assessment orders were passed u/s 153 C /143 (3) of the Act. - Aggrieved with the assessment orders, the assessees have filed appeals before the CIT (A) who quashed the orders. Revenue filed these appeals. Held that - In the case of Manish Maheshwari vs. Assistant Commissioner of Income Tax and another [2007 (2) TMI 148 SC] he Hon'ble Supreme Court observed that in case of block assessment, the A.O. had to (i) record his satisfaction that any undisclosed income belonged to the company; and (ii) hand over the books of account other documents and assets seized to the Assessing Officer having jurisdiction against the company. In the instant case, the A.O. has recorded his satisfaction and after recording the satisfaction, handed over the books of accounts and seized material. Thus, the facts of both the cases are quite different. In the light of above discussion and by considering the totality of the facts and circumstances of the case, we find no reason to sustain the order passed by the Tribunal. Hence, we set aside the impugned order passed and remanded the matter back. The answer to the Substantial Question of law , which are interlinked, is against the assessee and in favour of the revenue
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