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2015 (12) TMI 1236 - AT - Income TaxValidity of assessment order u/s. 158BD r.w.s. 158BC r.w.s. 143(3) - as per CIT(A) satisfaction note is belated which would not confer jurisdiction of the assessing officer to initiate the proceedings u/s. 158BD - Held that:- The Hon'ble Supreme Court in the case of CIT Vs Calcutta Knitwears [2014 (4) TMI 33 - SUPREME COURT] has made a strong observation that the Revenue has to be vigilant in issuing notice to the third party u/s. 158BD immediately after the completion of assessment of the searched person. The facts of the case discussed hereinabove defy the observations of the Hon'ble Supreme Court mentioned hereinabove. As mentioned elsewhere, the block assessment in the case of searched person i.e. M/s. Tips Industries Ltd., was completed on 28.9.2001. The Hon'ble Supreme Court says that the notice u/s. 158BD should be immediately issued after the completion of the assessment of the searched person, but in this case the notice was issued and served on 5.9.2005, almost 4 years after the date of the completion of the assessment of the searched parties. In our considered opinion, this service of notice cannot be considered to be immediately after the completion of the assessment of the searched person and is contrary to the observations of the Hon'ble Supreme Court (supra). Also see BHARAT BHUSHAN JAIN AND OTHERS case [2015 (1) TMI 705 - DELHI HIGH COURT] wherein a delay ranging between 10 months to 1˝ years was not accepted. Thus we decline to interfere with the findings of the Ld. CIT(A). The Ld. CIT(A) has rightly annulled the impugned assessment order. As the impugned assessment order has been annulled, we do not find it necessary to dwell into the merits of the case. - Decided against revenue
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