https://www.taxtmi.com/caselaws?id=257409 The tribunal held that the Assessing Officer (AO) lacked jurisdiction to frame the assessment under section 153C of the Income-tax Act, 1961, as the necessary satisfaction was not properly recorded before initiating proceedings. The satisfaction note was prepared by the AO of the assessee, not the AO of the individuals/entities searched, contravening statutory requirements. As a result, the assessment was deemed void ab initio, leading to the annulment of the proceedings and assessment under section 153C. The appeal by the assessee was allowed, and the assessment was set aside. en-us Fri, 16 Jan 2015 00:00:00 +0530 Wed, 11 Mar 2015 07:55:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257409 The tribunal held that the Assessing Officer (AO) lacked jurisdiction to frame the assessment under section 153C of the Income-tax Act, 1961, as the necessary satisfaction was not properly recorded before initiating proceedings. The satisfaction note was prepared by the AO of the assessee, not the AO of the individuals/entities searched, contravening statutory requirements. As a result, the assessment was deemed void ab initio, leading to the annulment of the proceedings and assessment under section 153C. The appeal by the assessee was allowed, and the assessment was set aside. Case-Laws Income Tax Fri, 16 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257409