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of <h1>The Supreme Court dismissed the special leave petitions in the case.</h1> <h3>Asstt. Commissioner of Income Tax & Another Versus Pepsi Foods Pvt. Ltd.</h3> The Supreme Court dismissed the special leave petitions in the case. - Asstt. Commissioner of Income Tax & Another Versus Pepsi Foods Pvt. Ltd. - TMI Validity of Notice u/s 153C - issuance of a notice by an AO of a person who has not been searched, on the basis of a satisfaction note prepared by the AO of a searched person - satisfaction – Held that:- SLP dismissed. HC order confirmed [2014 (8) TMI 425 - DELHI HIGH COURT]. Mere use or mention of the word “satisfaction” or the words “I am satisfied” in the order or the note would not meet the requirement of the concept of satisfaction as used in Section 153C of the Act - The satisfaction note itself must display the reasons or basis for the conclusion that the AO of the searched person is satisfied that the seized documents belong to a person other than the searched person – thus, the very first step prior to the issuance of a notice u/s 153C has not been fulfilled – the condition precedent has not been met, the notices u/s 153C are liable to be quashed – Decided in favour of Assessee. The Supreme Court dismissed the special leave petitions in the case.
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