https://www.taxtmi.com/caselaws?id=248903 The Tribunal upheld the legality of proceedings initiated under Section 153C of the Income Tax Act, finding that relevant material was discovered during searches at the premises of associated entities, justifying the proceedings. The Tribunal also ruled that the assessing officer's failure to record satisfaction before initiating proceedings was not fatal in this case. In terms of profit estimation, the Tribunal reduced the profit margin for transactions with ETL Infrastructure Services Ltd to 1.25% and affirmed a 5% profit margin for transactions with Jain Housing & Construction Pvt Ltd. The decision was issued on June 6, 2014. en-us Fri, 06 Jun 2014 00:00:00 +0530 Mon, 05 Oct 2020 07:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248903 The Tribunal upheld the legality of proceedings initiated under Section 153C of the Income Tax Act, finding that relevant material was discovered during searches at the premises of associated entities, justifying the proceedings. The Tribunal also ruled that the assessing officer's failure to record satisfaction before initiating proceedings was not fatal in this case. In terms of profit estimation, the Tribunal reduced the profit margin for transactions with ETL Infrastructure Services Ltd to 1.25% and affirmed a 5% profit margin for transactions with Jain Housing & Construction Pvt Ltd. The decision was issued on June 6, 2014. Case-Laws Income Tax Fri, 06 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248903