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2016 (12) TMI 1424 - ITAT DELHIAO assuming jurisdiction u/s 153C - non recording of satisfaction note by the Assessing Officer of the person searched - Held that:- From the satisfaction note it is evident that it is recorded in the case of M/s Sheetal International. Thus, this satisfaction note is recorded by the Assessing Officer in his capacity as the Assessing Officer of M/s Sheetal International and not the Assessing Officer of the person searched i.e., Shri Bal Kishan Saraf. Recording of satisfaction note by the Assessing Officer of the person searched is the primary condition for initiation of proceedings u/s 153C. Admittedly, no satisfaction note is recorded by the Assessing Officer of the person searched. Therefore, in our opinion, the proceeding u/s 153C is not validly initiated. The same is quashed. Once the proceedings u/s 153C are quashed, consequently, the assessment orders passed in pursuance thereto are also quashed. Accordingly, for assessment years 2004-05, 2006-07, 2007-08 & 2008- 09, the proceedings u/s 153C and the consequential assessment orders passed in pursuance to such notice are quashed. - Decided in favour of assessee
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