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TMI Blog2020 (5) TMI 528X X X X Extracts X X X X X X X X Extracts X X X X ..... der dated 17.10.2019 on the following substantial question of law: (i) Whether the Tribunal is justified in law on the facts and in the circumstances of the case in holding that the assessment order passed under Section 148BD read with Section 158BC is not valid and is void ab initio on the ground that the assessing officer of the person searched has not recorded satisfaction before the completion of block assessment proceedings under Section 158BC relying upon the decision of the Apex Court in case of Manish Maheswari (289 ITR 341) without appreciating the fact that the assessing officer in the case of the person searched as the assessing officer who initiated proceedings under Section 158BD in the case of the respondent - assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2003. The assessee filed the return of income for the block period on 06.11.2003 declaring undisclosed income as 'NIL'. The assessing officer by an order dated 29.07.2005 inter alia held that assessee had entered into an agreement for sale of the property in question and had received the entire sale consideration as on the date of the agreement and handed over the possession. Therefore, the transfer of property had taken place within the meaning of Section 2(47)(v) of the Act and the capital gains arising out of transfer is chargeable to tax for the block period. Accordingly, the Assessing Officer held that a net sum of Rs. 1,13,67,594/- is payable as tax on capital gain. The interest and penalty under Section 158BFA(1) and 158BFA(2) were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atisfaction was not recorded in case of Javed before completion of assessment proceedings. It is further submitted that the aforesaid finding is contrary to law. In this connection, reliance has been placed on the decision of the Supreme Court in the case of 'CIT Vs. CALCUTTA KNITWEARS' (2014) 362 ITR 673 (SC). None has appeared on behalf of the respondents despite service of notice. 5. We have considered the submissions made by the learned counsel for the revenue and have perused the record. The issue which arises for consideration before the Supreme Court in the case of CALCUTTA KNITWEARS, supra, was at what stage of proceedings under Chapter 14- D, the Assessing Authority is required to record his satisfaction for issuing a notice under ..... X X X X Extracts X X X X X X X X Extracts X X X X
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