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Principal Commissioner of Income-Tax Versus Satkar Fincap Ltd.

2017 (5) TMI 842 - DELHI HIGH COURT

Assessment u/s 153C - no proper recording of satisfaction by the Assessing Officer to issue notice under section 153A - Held that:- During the course of the hearing it was suggested to the respondent/assessee through its counsel that having regard to the categorical statement in the note that : "During the course of search and seizure documents/papers pages 1 to 31 of annexure A-28 seized by Party R-2, annexures A-56, A-57 and A-58 seized by party 04 are found to belong to M/s Satkar Fincap Ltd. .....

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ation on the merits of the assessee's appeal, we, accordingly, set aside the Income-tax Appellate Tribunal's findings with regard to absence of any satisfaction under section 153C and as a consequence remit the appeals for consideration by the Income-tax Appellate Tribunal on the merits. - I. T. A. Nos. 82, 83, 84, 85, 86 and 87 of 2016 - Dated:- 16-11-2016 - S. Ravindra Bhat And Najmi Waziri, JJ. For the Appellant : Dileep Shivpuri, Sanjay Kumar and Vikrant A. Moheshwari, Advocates For the Resp .....

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rties. In the course of the search, materials were seized. The Assessing Officer ("AO") of the searched persons, coincidentally, also happens to be the Assessing Officer of the present assessee. On September 8, 2010 the Assessing Officer made the following noting : "Satisfaction note for issuing notice under section 153C of the Income-tax Act, 1961 in the case of M/s. Satkar Fincap Ltd. C-I05, Ramdutt Enclave, Uttam Nagar, New Delhi, PAN : AAJCS6828A for the assessment years 2003- .....

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Satkar Fincap Ltd., C-I05, Ramdutt Enclave, Uttam Nagar, New Delhi. I have examined the above mentioned documents/papers and provision of section 153C is invocable in this case. As the undersigned is also the jurisdictional Assessing Officer of M/s. Satkar Fincap Ltd., C-I05, Ramdutt Enclave, Uttam Nagar, New Delhi, this satisfaction note is recorded and is placed in the file before issuing notice under section 153C. (Sd.) . . . . . . . . ACIT, Central Circle 17, New Delhi." 3. On the basi .....

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