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of <h1>Satisfaction Note Required Before Transferring Records Under Section 153C of Income-tax Act Following Calcutta Knitwears Case</h1> The circular provides guidelines on Section 153C of Income-tax Act, 1961, referencing a Supreme Court judgment in Commissioner of Income Tax-III vs. M/s Calcutta Knitwears. The Court ruled that a satisfaction note is mandatory before an Assessing Officer transfers records to another Assessing Officer with jurisdiction over another person. This satisfaction note can be prepared when initiating proceedings against the searched person, during assessment proceedings, or immediately after completing assessment proceedings. Tax authorities are instructed to apply this principle when implementing Section 153C provisions.
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