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2020 (3) TMI 106 - AT - Income TaxAssessment u/s 153C r.w.s. 153A - addition by estimating profit @ 10% in the alleged undisclosed receipt - HELD THAT:- A perusal of Section 153C would indicate that satisfaction of the Assessing Officer of the searched person is must exhibiting the fact that documents/evidences shown escapement of undisclosed income of a person other than the searched person is available which required to be assessed; thereafter, he would transmit his satisfaction note along with that evidences to the Assessing Officer of such other person having territorial jurisdiction. In case satisfaction by the Assessing Officer of the searched person is being not recorded, then no assessment under Section 153C is sustainable. These appeals are lying in the Tribunal since 2012 and the Department has filed paper-book, but failed to place on record the copy of the satisfaction note. Putting reliance on the submissions of the assessee and, in the absence of any details, we are satisfied that the assessment order is not sustainable. See M/S. Calcutta Knitwears [2014 (4) TMI 33 - SUPREME COURT] - Decided in favour of assessee.
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