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1 - 10 of 17 (0.31 seconds)Section 153A in The Income Tax Act, 1961 [Entire Act]
Section 115JB in The Income Tax Act, 1961 [Entire Act]
The Income Tax Act, 1961
Section 158BD in The Income Tax Act, 1961 [Entire Act]
Section 158BC in The Income Tax Act, 1961 [Entire Act]
Section 153 in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income Tax-Iii vs M/S. Calcutta Knitwears, Ludhiana on 12 March, 2014
From the conjoint reading of the provisions of
section 153C, the decision of the Hon'ble Supreme Court in the case of
CIT vs M/s Calcutta Knitwears (supra) and CBDT Circular No.24/2015, it
is very clear that even if the AO of the searched person and the other
person is one and the same, then also he is required to record separate
satisfaction as required u/s 153C of the Act. In this case, on perusal of
satisfaction note furnished by the Ld. DR, we find that the said
satisfaction note was taken from assessment record of the assessee,
which is evident from the copy of the note filed by the Ld. DR that it is an
order sheet entry in the name of M/s Karnataka Strips Ltd. and the
heading states that reasons recorded prior to issue of notices u/s 153C of
the Act. The said satisfaction note was recorded by the AO having
jurisdiction over other person i.e. in this case, the assessee, before issue
of notice u/s 153C of the Act. Therefore, we are of the considered view
that satisfaction as required u/s 153C of the Act, before transmitting
books of accounts or other assets belongs to or relates to other than the
searched person was not recorded by the AO of searched person as
required u/s 153C of the Act, consequently, the whole proceedings
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ITA No.1547/Mum/2015
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