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2018 (2) TMI 673 - HC - Income TaxProceedings u/s 158BC - recording satisfaction after completion of proceedings - inordinate delay in recording satisfaction - period of limitation - block assessment - Held that:- Even going by the judgment of the Supreme Court in the case of Calcutta Knitwears [2014 (4) TMI 33 - SUPREME COURT] that satisfaction note can be recorded after completion of the proceedings under Section 158BC the same must be done immediately thereafter. The Supreme Court in the said judgment had noted that there is no embargo in the law for recording satisfaction after completion of proceedings under Section 158BC of the Act. Further noticed that Section 158BE [2] (b) only provides for limitation for completion of block assessment under Section 158BD which is two years from the end of the month in which the notice for such purpose was served on such person, who happen to be other than the searched person. It was in this background the Supreme Court had culled out the ratio, as reproduced in para 44 of the judgment. Thus, even if such satisfaction note were to be recorded after completion of the proceedings under Section 158BC, the same has to be done immediately thereafter. The term 'immediately' has not been defined nor is it possible to quantify it in absolute terms. In any case, period close to nine months for completion of the proceedings under Section 158BC of the Act, without there being any limiting factor on the Assessing Officer to have recorded satisfaction earlier, cannot be stated to be an immediate action. See Commissioner of Income-Tax v. Bharat Bhushan Jain [2015 (1) TMI 705 - DELHI HIGH COURT] - Decided against revenue
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