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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Supreme Court mandates satisfaction note under sections 158BD & 153C; CBDT directs withdrawal of non-compliant litigation.</h1> The circular addresses the requirement for recording a satisfaction note under sections 158BD and 153C of the Income Tax Act. It references a Supreme Court ruling in the case of M/s Calcutta Knitwears, which mandates that an Assessing Officer (AO) must prepare a satisfaction note before transferring records to another AO. This note can be prepared at various stages of assessment proceedings. The Central Board of Direct Taxes (CBDT) acknowledges that provisions under section 153C are similar to section 158BD, and the Supreme Court's guidelines apply to both. The circular instructs that pending litigation not complying with these guidelines should be withdrawn.
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