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2014 (2) TMI 521 - HC - Income TaxTime-barred notice issued u/s 158BD of the Act – Search u/s 132 of the Act conducted - Held that:- CIT(A) was of the view that the communication dated 14.7.2003 by the AO holding jurisdiction over Major Aggarwal cannot be constructed to be the satisfaction as required by the provisions of Sec. 158BD - the notice u/s 158BD was issued on 14.6.2005 which is approximately 34 months after the framing of the assessment of Shri Manoj Aggarwal which was made on 29.8.2002 – thus, it cannot be said that the notice was issued within reasonable time - The interpretation of section 158BD not only furthers the intention of the Parliament, but also sub-serves the larger public interest in that it places reasonable fetters upon the jurisdiction of the concerned AO who might otherwise be left with uncontrolled discretion in such matters - Section 158BE expressly states that the satisfaction is to be recorded by the AO with respect to the need to issue notice to the third party before he hands-over possession of books and assets seized or requisitioned, to the AO of such third party – there was no substantial question of law arises – Decided against Revenue.
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