| |
| The Tax Publishers2020 TaxPub(DT) 0872 (Mad-HC) INCOME TAX ACT, 1961
Sections 158BD & 158BC
Where CBDT had recently issued Circular No.24/2015 dated 31-12-2015, according to which, where satisfaction was not recorded by competent authority then appeals against such orders of Tribunal granting relief to assessee had to be withdrawn by Revenue Department, therefore, Revenue did not want to press the appeals on merits and accordingly, the appeal was dismissed as withdrawn.
|
Search and seizure - Block assessment under section 158BD/158BC - Mandate for AO to record his satisfaction that undisclosed income belongs to any person, other than the person with respect to whom search was made -
Pursuant to a search operation at the instance of other party, copies of two agreements executed by assessee regarding purchase of shop rooms were seized. On the reverse side of agreements, there were endorsements made regarding payment of money by assessee. Statement of Director revealed that assessee had paid an amount for purchase of shop rooms. The report ultimately reached AO who issued notice to assessee under section 158BD read with 158BC. CIT(A) and Tribunal allowed the appeal of assessee. Held: CBDT had recently issued a Circular No.24/2015 dated 31-12-2015, according to which, where satisfaction was not recorded by competent authority then appeals against such orders of Tribunal granting relief to assessee has to be withdrawn by Revenue Department. In view of Circular, Revenue did not want to press the appeals on merits and sought leave of the Court to withdraw the same and assessee had not opposed the same. Accordingly, the appeal was dismissed as withdrawn.
REFERRED : CIT v. Calcutta Knitwears, Ludhiana 2014-TIOL-30-SC-IT : 2014 TaxPub(DT) 1547 (SC)
FAVOUR : In assessee's favour
A.Y. :
 SUBSCRIBE FOR FULL CONTENT
|