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2020 (3) TMI 218 - AT - Income TaxAssumption of jurisdiction u/s 153C - no satisfaction note recorded in the case of the searched person - HELD THAT:- CIT(A) while adjudicating the issue has gone through the documents which are mentioned in the satisfaction note and found that the documents so found or seized are photocopy of the sale deed, agreement of sale along with indemnity bond, possession letter, etc in respect of Sunder Nagar Property purchased by the assessee from M/s Atma Ram Properties Ltd. These documents do not give any indication that the assessee had paid ₹ 3.5 Crores in cash over and above of ₹ 33 Crores as recorded in the sale deed. We find the Ld. CIT(A) while adjudicating the issue has followed the decision of the Hon’ble Delhi High Court in the case of PEPSI FOODS PVT. LTD. [2014 (8) TMI 425 - DELHI HIGH COURT] and PEPSICO INDIA HOLDINGS PRIVATE LIMITED [2014 (8) TMI 898 - DELHI HIGH COURT] DR could not controvert the factual findings given by the Ld. CIT(A) in his order on this issue. We further find that there is no satisfaction note recorded in the case of the searched person which is a condition precedent for issue of notice u/s 153C although the Assessing Officer of the searched person and the other person is the same. In view of the above discussion and detailed reasoning given by the Ld. CIT(A) on this issue, we find no infirmity in his order in quashing the proceedings initiated under section 153C of the Act by the Assessing Officer. The grounds raised by the Revenue are accordingly dismissed.
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