TMI Blog2022 (10) TMI 1119X X X X Extracts X X X X X X X X Extracts X X X X ..... s recorded. The said applications have been rejected. In Calcutta Knitwears, [ 2014 (4) TMI 33 - SUPREME COURT] it is held that satisfaction note is sine qua non and must be proved by the Assessing Officer before he transmits the records to the jurisdictional Assessing Officer. The Apex Court, in that case was considering Section 158BD of the Act, which is pari materia with Section 153C of the Act. In view of the law laid down in Calcutta Knitwears (supra) and the facts and circumstances of this case, we are of the considered opinion that the matter requires a re-look in the hands of the Tribunal - I.T.A No.447/2014 C/W I.T.A No.450/2014, I.T.A. No.95/2016 AND I.T.A. No.98/2016 - - - Dated:- 12-9-2022 - HON BLE MR. JUSTICE P.S.DI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 446 (SC) (Para 44) submitted that before issuing notice under Section 153C, a satisfaction note must be prepared by the Assessing Officer before transmitting the records to the jurisdictional Assessing Officer. He contended that all three authorities have failed to notice that the satisfaction was not recorded which is sine qua non for initiation of proceedings under Section 153C of the Act. Therefore, assessees' filed rectification application before the Income Tax Appellate Tribunal and the same have also been dismissed. 4. In substance, the contention of Shri. Parthasarathi is, once any material is found at the time of search and seizure, the Officer in-charge must record his satisfaction and thereafter makeover the particulars ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l contentions and perused the records. 9. Undisputed facts of the case are, a copy of the declaration said to have been prepared by Muniswamy was found in the residence of Smt. Rajyalakshmi. Revenue initiated proceedings under Section 153C of the Act. Assessees' grievance is that the said proceedings are without jurisdiction because recording satisfaction which is a condition precedent before making over it to the jurisdictional Officer even though the Assessing officer and the Searching officer are one and the same, is mandatory. This position of law is not disputed by the Revenue. Admittedly, the assessees have filed rectification application before the ITAT with a prayer to call for records and to examine whether satisfaction as r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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