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2016 (6) TMI 480 - AT - Income TaxValidity of the proceedings initiated under section 158BD - non incriminating material found at the time of search - AO has initiated and completed the assessment proceedings u/s 158BD / 144 of the Act on the basis of documents found at the time of search from the place of UIC group of companies where the search was conducted - Held that:- We find lot of force in the argument made by Ld. AR before us with regard to the satisfaction recorded as per the provisions of section 158BD of the Act. AO of UIC group was to record the satisfaction before initiating the proceeding under section 115BD of the Act. But in the instant case the AO having the jurisdiction over the assessee has recorded the satisfaction which is incorrect as per law. Taking the consistent views in the decisions of Hon'ble Supreme Court in the case of Manish Maheshwari (2007 (2) TMI 148 - SUPREME COURT OF INDIA ) and the judgment of Hon’ble Gujarat Hon'ble High Court in the case of Champakbhai Mohanbhai Patel (2014 (2) TMI 1168 - GUJARAT HIGH COURT ) we reverse the orders of Authorities Below - Decided in favour of asseessee
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