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of <h1>Tribunal decision upheld due to insufficient reasons provided by Assessing Officer under Sec.158BD.</h1> <h3>CIT And ACIT Versus SSK Tulajabhavani Kalyan</h3> CIT And ACIT Versus SSK Tulajabhavani Kalyan - TMI Issues involved: Appeal against order passed by Income Tax Appellate Tribunal and rejection of Miscellaneous Petition.Summary:1. The appeal was filed by the revenue against the order of the Income Tax Appellate Tribunal and rejection of the Miscellaneous Petition. 2. A search conducted by the Revenue at a premises led to the discovery of a significant amount of cash claimed to belong to a Samithi running Kalyan Mantap. Subsequently, a notice under Sec.158BC r/w Sec.158BD of the Income Tax Act was issued to the respondent. The respondent filed a return of income disclosing nil income. An assessment order was passed bringing tax on undisclosed income, which was challenged in appeal before the appellate Commissioner. 3. The respondent filed a second appeal before the Tribunal, arguing that the Assessing Officer did not record satisfactory reasons. The Tribunal directed the revenue to produce the recorded reasons, but the revenue failed to do so within the granted time. Consequently, the Tribunal allowed the appeal of the assessee and set aside the assessment order. 4. A Miscellaneous Petition was filed with a xerox copy of the satisfaction recorded by the Assessing Officer, which was rejected on the grounds of non-utilization of granted opportunity by the revenue. The satisfaction recorded was deemed insufficient, leading to the dismissal of the Miscellaneous Petition. 5. The appeal was admitted to address the substantial question of law regarding the recording of satisfaction by the Assessing Officer u/s 158BD. The Tribunal's decision was upheld based on the lack of satisfactory reasons provided by the Assessing Officer. 6. The High Court reviewed the satisfaction recorded by the Assessing Officer and found it lacking in providing sufficient reasons for issuing the notice u/s 158BD. The revenue failed to justify the non-production of the recorded reasons before the Tribunal, leading to the dismissal of the appeal. The question of law was answered against the revenue, resulting in the dismissal of the appeal.
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