Section 153C reassessments based on seized material: AO must record year-specific satisfaction note; SLPs dismissed for delay Proceedings under s.153C can be initiated only after the jurisdictional AO records a satisfaction note identifying incriminating material ...
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Section 153C reassessments based on seized material: AO must record year-specific satisfaction note; SLPs dismissed for delay
Proceedings under s.153C can be initiated only after the jurisdictional AO records a satisfaction note identifying incriminating material seized/requisitioned that bears on a specific AY; the reassessment power is confined to those AYs to which such material relates or is likely to influence, and in the absence of such year-specific material casting doubt on total income, invocation of s.153C is impermissible, with abatement/reopening following only upon valid satisfaction and notice. Applying these principles, the SC refused to interfere with the HC order and dismissed the SLPs because the substantial filing delay was unexplained and, in any event, no merit was shown.
The Supreme Court, presided over by Justices J.B. Pardiwala and R. Mahadevan, addressed Special Leave Petitions filed by the Revenue. The Court noted a "gross delay of 142 and 172 days" in filing these petitions, which the petitioners failed to satisfactorily explain. Furthermore, the Court found "no reason to interfere with the impugned order passed by the High Court." Consequently, the Special Leave Petitions were dismissed "on the ground of delay as well as merits." Any pending applications were also disposed of.
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