https://www.taxtmi.com/caselaws?id=328817 The Tribunal dismissed the revenue's appeals concerning the validity of assessments under sections 158BC and 158BD of the Income Tax Act for the block period from 1.4.1988 to 17.12.1998. The Tribunal ruled that the letter dated 21.8.2000 did not meet the statutory requirement of recording satisfaction under section 158BD, leading to the quashing of the assessment order and dismissal of the revenue's appeals in both quantum and penalty proceedings. The case underscored the necessity of the assessing officer of the searched person establishing objective satisfaction before initiating assessment proceedings under section 158BD. en-us Fri, 27 May 2016 00:00:00 +0530 Mon, 08 Aug 2022 12:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328817 The Tribunal dismissed the revenue's appeals concerning the validity of assessments under sections 158BC and 158BD of the Income Tax Act for the block period from 1.4.1988 to 17.12.1998. The Tribunal ruled that the letter dated 21.8.2000 did not meet the statutory requirement of recording satisfaction under section 158BD, leading to the quashing of the assessment order and dismissal of the revenue's appeals in both quantum and penalty proceedings. The case underscored the necessity of the assessing officer of the searched person establishing objective satisfaction before initiating assessment proceedings under section 158BD. Case-Laws Income Tax Fri, 27 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328817