Search-seizure assessments u/s153C: must record satisfaction based on incriminating material; revenue challenge dismissed, assessee relief upheld. Invocation of assessment under s.153C was in issue, specifically whether the Assessing Authority must record satisfaction based on incriminating material ...
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Search-seizure assessments u/s153C: must record satisfaction based on incriminating material; revenue challenge dismissed, assessee relief upheld.
Invocation of assessment under s.153C was in issue, specifically whether the Assessing Authority must record satisfaction based on incriminating material seized during search to justify additions as undisclosed income. The HC held that s.153C cannot be triggered in the absence of incriminating material and that the substantial question of law was to be answered in favour of the assessee on this basis. The SC found no ground to interfere with the HC's determination and dismissed the revenue's challenge, leaving the assessee's relief intact.
Delay was condoned. The Court found "no ground to interfere with the impugned judgment and order of the High Court" and, accordingly, the Special Leave Petition was dismissed. Any pending application(s) were disposed of in consequence.
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