TMI Blog2020 (5) TMI 528X X X X Extracts X X X X X X X X Extracts X X X X ..... the ground that the satisfaction has not been recorded before completion of the assessment proceedings. The aforesaid finding is contrary to law laid down in the case of CALCUTTA KNITWEARS [ 2014 (4) TMI 33 - SUPREME COURT]. Therefore, the same cannot be sustained in the eye of law. Substantial question of law framed by this Court is answered in the negative. In the result, the impugned order passed by the Tribunal is hereby quashed and the matter is remitted to the Tribunal to deal with the appeal on merits expeditiously in accordance with law. - I.T.A. NO.234 OF 2011 - - - Dated:- 18-5-2020 - HON BLE MR. JUSTICE ALOK ARADHE AND HON BLE MR. JUSTICE M. NAGAPRASANNA APPELLANTS (BY SRI.E.I. SANMATHI, ADV.) AND: SHRI. N. RAMAKRIS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erstanding entered by him with one Ramakrishnan for purchase of land measuring 1 acre 11 guntas forming part of Sy.No.56/17, Hongasandra Village, Begur Hobli, Bangalore South was seized. As per memorandum of understanding dated 29.05.1995, total sale consideration was fixed at ₹ 1,92,00,000/- and out of the aforesaid amount, a sum of ₹ 1,12,00,000/- was paid to aforesaid N. Ramakrishnan the payment of which was duly acknowledged. Thereafter, a survey was conducted in the premises of N. Ramakrishnan on 15.06.2001 and certain documents were impounded. The impounded documents revealed that property was sold to one Akram Khan and as per agreement dated 04.12.1998, total sale consideration was ₹ 2,12,00,000/-, out of which an a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessing officer has to come to the conclusion whether the undisclosed income belongs to the persons searched or any other person. It was further held that even if the Assessing Officer is the same person in the case of both the person searched as well as other person, the recording of satisfaction has to be before the completion of block assessment proceeding in case of person searched. It was also held that since, the Assessing Officer did not record satisfaction before completion of proceeding under Section 158BC which should be reflected in notice under Section 158BD of the Act, the order of assessment is ab initio void. Accordingly, the same was quashed and the appeal was allowed. Being aggrieved, the Revenue is in appeal before us. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... who has jurisdiction over such other person. The satisfaction note could be prepared at either of the following stages: (a) at the time of or along with the initiation of proceedings against the searched person under Section 158BC of the Act; (b) along with the assessment proceedings under Section 158BC of the Act; and (c) immediately after the assessment proceedings are completed under Section 158BC of the Act of the searched person. 6. Thus, from perusal of the aforesaid paragraph, it is evident that the satisfaction can even be recorded immediately after completion of the assessment proceedings under Section 158BC of the Act. In the instant case, admittedly, the satisfaction has been recorded after completion of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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