https://www.taxtmi.com/caselaws?id=254724 The High Court upheld the Tribunal's decision to quash the assessment under Section 153C of the Income Tax Act, 1961, emphasizing the necessity of recording satisfaction by both the Assessing Officer who conducted the search and the Assessing Officer having jurisdiction over the third party. The Court highlighted the importance of procedural compliance and adherence to statutory requirements, ultimately dismissing the appeal and an additional appeal with identical issues. The judgment underscored the significance of following legal precedent and strict adherence to statutory procedures in such cases. en-us Wed, 26 Nov 2014 00:00:00 +0530 Mon, 29 Dec 2014 21:28:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254724 The High Court upheld the Tribunal's decision to quash the assessment under Section 153C of the Income Tax Act, 1961, emphasizing the necessity of recording satisfaction by both the Assessing Officer who conducted the search and the Assessing Officer having jurisdiction over the third party. The Court highlighted the importance of procedural compliance and adherence to statutory requirements, ultimately dismissing the appeal and an additional appeal with identical issues. The judgment underscored the significance of following legal precedent and strict adherence to statutory procedures in such cases. Case-Laws Income Tax Wed, 26 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254724