9911796707
TMI Blog2011 (7) TMI 727X X X X Extracts X X X X X X X X Extracts X X X X ..... of this court : "Whether, on the facts and in law, the hon'ble Income-tax Appellate Tribunal was justified in holding the recording of satisfaction under section 158BD by the Assessing Officer of the person searched and consequent issuance and service of notice under section 158BD on December 8, 2005, was belated and beyond the period prescribed by law when section 158BD read with section 158BE does not specify that satisfaction has to be recorded by the Assessing Officer before completion of assessment under section 158BC of the Income-tax Act, 1961." 3. The facts, in brief, necessary for adjudication as narrated in the appeal, are that the respondent-assessee is an individual who is carrying on business of manufacturing o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 07. 5. The Commissioner of Income-tax (Appeals) (for short "the CIT(A)"), on an appeal being filed by the respondent-assessee observed, vide order dated January 27, 2010, that assumption of jurisdiction by the Assessing Officer under section 158BD of the Act and the proceedings initiated pursuant thereto were rendered invalid and void as the block assessment orders in the case of the Bhatia group of cases were passed on March 30, 2005, whereas the satisfaction note in the case of the assessee was recorded on July 15, 2005, as per the assessment order. 6. The Tribunal on appeal carried by the Revenue upheld the order passed by the Commissioner of Income-tax (Appeals) and consequently dismissed the appeal, vide the order under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... required to be recorded is prima facie satisfaction and is not firm or conclusive satisfaction at that stage. Section 158BE of the Act prescribes time limit for framing of assessments under sections 158BC and 158BD of the Act. The Assessing Officer of the person against whom action under section 132 or 132A of the Act has been taken, is the Assessing Officer who initiates the proceedings under section 158BD of the Act by recording satisfaction that any undisclosed income belongs to such other person so as to take action under section 158BD of the Act against that person. The Act nowhere specifically prescribes any time limit or limitation for initiation of proceedings under section 158BD of the Act or for recording of satisfaction b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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