https://www.taxtmi.com/caselaws?id=235647 The court dismissed the petition challenging the initiation of assessment proceedings under sections 153A and 153C of the Income-tax Act. It upheld the validity of the satisfaction note and the necessity for a second assessment to investigate the source of income for the purchase of the silver bullion, despite the earlier release of the bullion. The court emphasized that the power under section 153C should not be interfered with unless exercised without jurisdiction or bona fide, citing the need for strict compliance with block assessment conditions. en-us Fri, 25 Nov 2011 00:00:00 +0530 Tue, 30 Jul 2013 17:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235647 The court dismissed the petition challenging the initiation of assessment proceedings under sections 153A and 153C of the Income-tax Act. It upheld the validity of the satisfaction note and the necessity for a second assessment to investigate the source of income for the purchase of the silver bullion, despite the earlier release of the bullion. The court emphasized that the power under section 153C should not be interfered with unless exercised without jurisdiction or bona fide, citing the need for strict compliance with block assessment conditions. Case-Laws Income Tax Fri, 25 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235647