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| The Tax Publishers2019 TaxPub(DT) 6532 (Kol-Trib) INCOME TAX ACT, 1961
Section 153C
AO's satisfaction note nowhere indicated that relevant category of assets or books of account, etc. 'belonged to' assessee/a third person than that subjected to the search in issue. Legislature has included' relates to by in section 153C way of an amendment by Finance Act, 2015 with effect from 1-6-2015 whereas the satisfaction in issue was recorded much earlier than that on 1-6-2015 and, therefore, impugned assessment(s) under section 153C was invalid.
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Search and seizure - Assessment under section 153C - Document related to assessee found during search in case of third party - No allegation in AO's satisfaction note as to documents 'belonging to' assessee
AO initated proceeding under section 153C in assessee's case for the reason that during search and seizure operation was conducted 'Prakash Group' of cases. Some documents vide ID marked SBLP/04 related to assessee were found and seized.Held: AO's satisfaction note nowhere indicated that relevant category of assets or books of account, etc. 'belonged to' assessee/a third person than that subjected to the search in issue. Legislature has included' 'relates to' by in section 153C way of an amendment by Finance Act, 2015 with effect from 1-6-2015 whereas the satisfaction in issue was recorded much earlier than that on 1-6-2015 and, therefore, impugned assessment(s) under section 153C was invalid.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2009-10 to 2012-13
INCOME TAX ACT, 1961
Section 35(1)(ii)
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