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TMI Blog2019 (2) TMI 630X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax Act was carried-out at the business premises of ABW Group of Cases and at the residential premises of their Directors and various documents/books of accounts etc., were found and seized during the course of search. While examining the seized material of this group of cases, documents belonging to assessee-company were also found and therefore, satisfaction note was prepared indicating that the said documents belongs to assessee-company and that action under section 153C of the Income Tax Act is required to be taken. Thereafter, being the A.O. of the person other than the searched person, the said documents were again examined and a fresh satisfaction note was prepared on 22nd January 2014 indicating the satisfaction that the said docum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1, which is satisfaction note recorded under section 153C of the I.T. Act dated 22.01.2014 for A.Ys. 2006-2007 to 2011- 2012. The same reads as under : Satisfaction note for initiating proceedings u/s. 153C read with section 153A of Income Tax Act, 1961 in the case of M/s Wisdom Realtors Pvt. Ltd. - PAN: AAACW5637Q 22.01.2014 : Action u/s 132 of the Income Tax Act,.1961 was carried out in the case of M/s. ABW Infrastructure Pvt. Ltd. on 09.11.2011. This action was carried out at the business premises of M/s. ABW Infrastructure Pvt. Ltd. and at the residential premises of Directors of this company. During the course of search action various books of-account and documents etc. were found and seized. While examining the seized material ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... He has submit that the issue is covered by the judgment of the Hon'ble Supreme Court in the case of CIT vs. Singhad Technical Education Society (2017) 397 ITR 344 (SC). 7. On the other hand, Ld. D.R. relied upon the Orders of the authorities below and relied upon the Judgment of the Hon'ble Supreme Court in the case of CIT vs. Mukundray K. Shah (2007) 290 ITR 433 (SC) . 8. We have considered the rival submissions and perused the material available on record. 8.1. The Hon'ble Bombay High Court in the case of CIT vs. Singhad Technical Education Society (2015) 378 ITR 84 (Bom.) held as under : "In terms of section 153C of the Income-tax Act, 1961, the Assessing Officer should be satisfied that any money, bullion, jewellery or other valuab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llected over and above the sanctioned fees were matters which ought to have been gone into and there could, not be a general or vague satisfaction. The Tribunal was justified in setting aside the assessments." 8.2. The Hon'ble Supreme Court in the case of CIT vs. Sinhgad Technical Education Society (2017) 397 ITR 344 (SC) held as under : "Held, dismissing the appeals, (i) that the Tribunal permitted the assessee to raise the additional ground on the ground that it was a jurisdictional issue taken up on the basis of facts already on record, that under section 153C of the Act, incriminating material which was seized had to pertain to the assessment years in question, and that the documents which were seized did not establish any co-relatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arch conducted in the case of A and group on November 25, 2003,material pertaining to "on money" payment paid to the assessee in respect of property purchased from the assessee were seized. Based on that, the Assessing Officer issued notice under section 153C of the Income-tax Act, 1961,and reworked the capital gains. The Commissioner (Appeals) and the Tribunal held that the notice under section 153C was not valid. On appeal to the High Court: Held, dismissing the appeals, that the Assessing Officer did not have the benefit of the seized material while issuing the notice under section 153C. In the light of the fact that the Revenue did not produce any material to show that the materials were available at the hands of the Assessing Officer ..... X X X X Extracts X X X X X X X X Extracts X X X X
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