TMI Blog2022 (12) TMI 886X X X X Extracts X X X X X X X X Extracts X X X X ..... ny material or assets which belonged to the respondent/assessee. For completion of the record, the satisfaction note concerning the respondent/assessee as generated by his AO. - ITA 492/2022 - - - Dated:- 30-11-2022 - HON'BLE MR. JUSTICE RAJIV SHAKDHER AND HON'BLE MS. JUSTICE TARA VITASTA GANJU Appellant Through: Mr Zoheb Hossain, Sr. Standing Counsel with Mr Vipul Agrawal and Mr Parth, Advs. Respondent Through: None. [Physical Hearing/Hybrid Hearing (as per request)] RAJIV SHAKDHER, J. (Oral): CM Appl.51588/2022 [Application filed on behalf of the appellant seeking condonation of delay of 115 days in re-filing the appeal] 1. This is an application filed on behalf of the appellant/revenue seeki ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pread over 05.09.2012 and 29.01.2013. The respondent/assessee responded to the queries raised, as per the appellant/revenue on 22.02.2013. 6.5. This exercise resulted in an assessment order dated 28.03.2013, being passed under Section 153C, read with Section 143(3) of the Act. The AO thus, made an addition amounting to Rs.15,02,23,130/-. 6.6. Aggrieved by the additions made by the AO, the respondent/assessee preferred an appeal with the Commissioner of Income Tax (Appeals) [in short CIT(A) ]. CIT(A) via the order dated 27.02.2015 allowed the appeal filed by the respondent/assessee. 6.7. The CIT(A), in reaching his conclusion, inter alia, relied upon the following judgments of coordinate benches of this court: (i) Pepsi Foods ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in this behalf is extracted hereafter: 20. ...In the present case there is no such satisfaction recorded by the learned assessing officer of the searched person. Further, there is no reference of any material pertaining to the assessee in the satisfaction note recorded by the ld AO of the assessee i.e. the third person... 10. According to us, this finding is fatal to the case of the appellant/revenue. A plain reading of the provision of Section 153C of the Act, as it stood at the relevant point in time, would demonstrate that the AO of the searched person i.e., Mr Satya Prakash, should have generated a note that the documents, books of account or assets belonging to the other person had been found. For the sake of convenience, S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 cores. During the search operation a large number of documents were seized which clearly indicted that the group including the assessee is earning huge profits which are reduced by introducing bogus expenses. The case of assessee namely M/s C.S. Leasing Pvt. Ltd. is closely related/associated entity to the main assessee i.e. M/s Satya Parkash Brothers Pvt. Ltd. In view of facts narrated above, I am satisfied that the case of M/s C.S. Leasing Pvt. Ltd. is a fit case for issue of notice u/s 153C of the I.T. Act, 1961. Notice u/s 153C dated 02.02.2012 is issued requiring the assessee to file return of income for the A.Y. 2005-06 to 2010-11. [Emphasis is ours] 12. Thus, having regard to the aforesaid, we are not inclined to interf ..... X X X X Extracts X X X X X X X X Extracts X X X X
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