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2013 (7) TMI 778 - HC - Income TaxValidity of notice u/s 158BD - Valid satisfaction - Tribunal quashed notice - Held that:- for taking recourse to 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 person and thereafter, the Assessing Officer who has the jurisdiction would proceed under Section 158BC against such person who has not been searched - vital and mandatory requirement of recording the satisfaction under section 158BD were absent while issuing notice - Following decision of MANISH MAHESHWARI and INDORE CONSTRUCTION P. LTD. Versus COMMISSIONER OF INCOME-TAX[2007 (2) TMI 148 - SUPREME COURT OF INDIA] - Decided against Revenue.
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