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TMI Blog2023 (4) TMI 183X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessing officer has fundamental jurisdiction for invoking proceedings u/s.153C of the Act and having accepted that the Id CIT(A) should not have quashed the assessment. 2. Whether on the facts and circumstances of the case and in law the IdCIT(A) failed to appreciate that the satisfaction displays the reason or basis for concluding that the assessing officer is satisfied that this document was incriminating and belonging to the assessee. The fact has not been disputed by the Ld.CIT(A) and therefore, the Ld.CIT(A) should not have held that assessment u/s.153C not validly initiated. 3. On the facts and in the circumstances of the case, the order of the Id. CIT(A) is perverse and bad in law as Ld.CIT(A) stated that no addition has be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 132 on basis of which notice was issued under section 153A or 153C? 6. Whether on the facts and circumstances of the case, and in law, the CIT(A) failed to appreciate that in this case, there was no concluded assessment u/s.143(3) and therefore, the AO is empowered to assess/reassess total income as per Act. 2. The brief facts of the case are that the assessee company is engaged in the business of development, constructions and real estate activities. A search and seizure- operation u/s.132 was carried out in the case of M/s.Amsri Builders and its partners on 27.12.2013 wherein certain incriminating material pertaining to the assessee in annexure A/AB/Off/PO/01, etc., were found and seized. As a consequence, notice u/s 153C of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -09). On the basis of above document, holding the same as belonging to the appellant, notice u/s 153C has been given. 9. It is seen from the assessment order that no addition based on seized material or material gathered during the course of search has been made. The additions made are on the basis of some other transactions of the assessee and the Balance Sheet of the appellant, the details furnished and the explanations given by the appellant during the assessment proceedings u/s 153C of the I.T. Act, 1961. 10. The initial satisfaction based on the seized material has been recorded by the Assessing Officer. The documents mentioned therein relate to the transactions of assessment year 2007-08 and not for assessment year 2010-11. There ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g finding of fact was recorded by the Ld. CIT(A), whereby he had wrongly held that the document did not pertain to the assessment year under consideration. It was submitted on account of the above error the order of the Ld. CIT(A) is required to be cancelled. 6. The ld. AR, on the other hand, had drawn our attention to the satisfaction note placed at page 37 of the paper book wherein it was clearly mentioned that the documents pertain to M/s. Amsri Infra Projects Pvt. Ltd and the documents are not in the name of assessee before us and further it was submitted that on account of the above, there was wrong recording of satisfaction and therefore, the action on the part of the ld.CIT(A) was correct. 7. We have heard the rival arguments on bo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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