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ITAT held that the assessments framed u/s 153C read with 153D are invalid for lack of jurisdiction: the deemed date of search was 17.10.2022 so s.153C could not be invoked, the requisite satisfaction note was neither supplied nor properly recorded (a consolidated note for multiple years vitiated proceedings), and sanction u/s 153D was mechanical and without application of mind. Consequential additions were set aside: alleged capital gains based solely on seizure spreadsheets without corroboration were not sustained, the s.54B relief already allowed in earlier s.143(3) proceedings was not revisit-able under s.153C, and reopening under s.148 amounted to change of opinion and was therefore invalid. Appeals allowed in favour of the assessee.
ITAT held that the assessments framed u/s 153C read with 153D are invalid for lack of jurisdiction: the deemed date of search was 17.10.2022 so s.153C could not be invoked, the requisite satisfaction note was neither supplied nor properly recorded (a consolidated note for multiple years vitiated proceedings), and sanction u/s 153D was mechanical and without application of mind. Consequential additions were set aside: alleged capital gains based solely on seizure spreadsheets without corroboration were not sustained, the s.54B relief already allowed in earlier s.143(3) proceedings was not revisit-able under s.153C, and reopening under s.148 amounted to change of opinion and was therefore invalid. Appeals allowed in favour of the assessee.
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