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2018 (12) TMI 1968 - AT - Income TaxInitiation of provisions u/s 153C - absence of the satisfaction recorded by the A.O. of the searched person - HELD THAT:- Satisfaction of the A.O. of the searched person is a sine-qua-non to the effect that “(a) any money, bullion, jewellery or other valuable article or thing, seized or requisitioned belongs to; or (b) any books of accounts or documents, seized or requisitioned pertains or pertain to, for any information contained thereto, relates to a person other than person referred to in sub section 153A of the Act. Admittedly, in the present case, no satisfaction note by the A.O. of the searched person is furnished by revenue, despite categorical directions given by this Tribunal. However, a satisfaction note in the case of assessee has been furnished by the revenue - Ld. CIT(DR) fairly conceded the fact that despite various reminders, the satisfaction note by A.O. of searched person i.e. M/s. Phoenix Devcons Pvt. Ltd., 434, Orbit Mall, Indore is not made available. The revenue has not brought to our notice any other binding precedent by the Hon'ble Supreme Court or the Hon'ble jurisdictional High Court. We therefore, respectfully following the Hon'ble High Court of Madhya Pradesh in the case of CIT Vs. Mechmen 11-C [2015 (7) TMI 538 - MADHYA PRADESH HIGH COURT] hold that the proceedings u/s 153C of the Act is not validly initiated and is contrary to settled position of law and the same is therefore hereby quashed. Assessee appeal allowed.
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