https://www.taxtmi.com/caselaws?id=256860 A satisfaction note under Section 158BD is not invalid merely because it indicates that the property belonged to another person or that the assessee may have acted on that person's behalf, if the material shows receipt of consideration and justifies further inquiry into the recipient and the real beneficiary. On the facts, the receipt signed by the assessee recorded a total consideration far above the amount disclosed by the searched party, and the Revenue was entitled to investigate whether the sum was received by the assessee and on whose behalf. The High Court held that the notice was valid and set aside the Tribunal's contrary view. en-us Wed, 18 Feb 2015 00:00:00 +0530 Tue, 24 Feb 2015 06:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256860 A satisfaction note under Section 158BD is not invalid merely because it indicates that the property belonged to another person or that the assessee may have acted on that person's behalf, if the material shows receipt of consideration and justifies further inquiry into the recipient and the real beneficiary. On the facts, the receipt signed by the assessee recorded a total consideration far above the amount disclosed by the searched party, and the Revenue was entitled to investigate whether the sum was received by the assessee and on whose behalf. The High Court held that the notice was valid and set aside the Tribunal's contrary view. Case-Laws Income Tax Wed, 18 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256860