https://www.taxtmi.com/caselaws?id=235810 The tribunal found the initiation of proceedings under Section 153C of the Income Tax Act to be invalid as no formal satisfaction note was recorded by the Assessing Officer before initiating proceedings. Additionally, the tribunal concluded that the addition of Rs. 77,433 on account of the determination of Annual Letting Value under Section 23(4) of the IT Act was not justified as it was based on a notional basis without any incriminating material found against the assessee. Consequently, all additions made in the assessment orders were deleted, and the tribunal allowed all appeals of the assessee. en-us Fri, 31 May 2013 00:00:00 +0530 Tue, 29 Mar 2016 13:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235810 The tribunal found the initiation of proceedings under Section 153C of the Income Tax Act to be invalid as no formal satisfaction note was recorded by the Assessing Officer before initiating proceedings. Additionally, the tribunal concluded that the addition of Rs. 77,433 on account of the determination of Annual Letting Value under Section 23(4) of the IT Act was not justified as it was based on a notional basis without any incriminating material found against the assessee. Consequently, all additions made in the assessment orders were deleted, and the tribunal allowed all appeals of the assessee. Case-Laws Income Tax Fri, 31 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235810