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2015 (11) TMI 432 - PUNJAB & HARYANA HIGH COURT

2015 (11) TMI 432 - PUNJAB & HARYANA HIGH COURT - TMI - Validity of assessment under section 158BC - non recording of proper reasons - Held that:- In the present case, the Tribunal after considering the entire material on record correctly noticed that since the Assessing officer of the searched person had not recorded any satisfaction as contemplated under section 158BD of the Act, the satisfaction recorded by the Assessing Officer of the assessee on 24.8.2001 before issuing notice under section .....

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cted from ITA No.58 of 2009. 2. ITA No.58 of 2009 has been preferred by the revenue under Section 260A of the Income Tax Act, 1961 (in short, "the Act") against the order dated 17.7.2008, Annexure A.III passed by the Income Tax Appellate Tribunal, Delhi Bench 'E', New Delhi in IT (SS) Nos.94/D/2005 for the block period ending 1987-88 to 1997-98, claiming following substantial questions of law:- "i) Whether, on the facts and in the circumstances of the case, the learned ITA .....

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Whether on the facts and in the circumstances of the case, the learned ITAT is right in law in quashing the assessment framed under section 158BC/158BD of the Income Tax Act, 1961 and not deciding the issues involved in the case on merits by holding that since the assessment has been quashed, the dispute regarding the additions deleted by the learned CIT(A) is rendered academic in nature and not required to be adjudicated upon?" 3. A few facts relevant for the decision of the controversy in .....

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ay Singh by issuing notice under section 158BD of the Act on 24.8.2001 after recording a satisfaction. The income of the assessee was assessed at ₹ 1,28,77,300/- vide order dated 29.8.2003, Annexure A.1 passed under section 158BC read with Section 158BD of the Act. Aggrieved by the order, the assessee filed appeal before the Commissioner of Income Tax (Appeals) [CIT(A)]. Vide order dated 17.11.2004, Annexure A.II, the CIT (A) partly allowed the appeal upholding the proceedings initiated un .....

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the Tribunal dismissed the appeal of the revenue and allowed that of the assessee. It was held that since the Assessing Officer in the case of Shri Mangal Singh, father of the assessee, the person searched had not recorded any satisfaction as contemplated under section 158BD of the Act, the satisfaction recorded by the Assessing Officer in the case of the assessee on 24.8.2001 before issuing notice under section 158BD of the Act on 4.8.2001 could not be said to be legally valid requisite satisf .....

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books of account, other documents or assets seized or requisitioned shall be handed over to the Assessing Officer having jurisdiction over such other person and that Assessing Officer shall proceed against such other person and the provisions of this Chapter shall apply accordingly." 6. It was not disputed by the learned counsel for the revenue that there was no satisfaction recorded by the Assessing Officer of the searched person as required under Section 158BD of the Act. However, the sa .....

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arch has been carried out under section 132A or documents or assets have been requisitioned under section 132A. Section 158BD, however, provides for taking recourse to a person, the conditions precedent wherefor are (i) satisfaction must be recorded by the Assessing Officer that any undisclosed income belongs to any person, other than the person with respect to whom search was made under section 132 of the Act; (ii) the books of account or other documents or assets seized or requisitioned had be .....

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