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2017 (1) TMI 1634 - AT - Income TaxAssessment u/s 153C - non recording of satisfaction before transmitting the record to the other Assessing Officer who has jurisdiction over the person u/s 153C - Held that:- There was no reference of any material in the assessment order completed u/s 153C and even no reference of persons wherefrom the alleged papers were found. Therefore, there was no incriminating material or document. Therefore, the assessment order passed u/s 143(3)read with section 153C is not as per law. During the course of hearing, the learned DR was specifically asked to produce the satisfaction regarding search party as to whether the Assessing Officer who has made the search has recorded any satisfaction before transmitting the record to the other Assessing Officer who has jurisdiction over the person u/s 153C of the Act. AO who has made the assessment order has recorded satisfaction, but the Assessing Officer who has searched, has not recorded any satisfaction, therefore, as per the decision of the Hon'ble Supreme Court and as per the CBDT Circular No. 24/2014 dated 31st December, 2015 as pending litigation with regard to recording of satisfaction note under section 158BD/153C should be withdrawn/not pressed if it does not meet the guidelines laid down by the Apex Court. - Decided in favour of assessee.
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