https://www.taxtmi.com/caselaws?id=343903 The tribunal quashed the assessments due to the lack of a proper satisfaction note recorded by the Assessing Officer (AO) of the searched person as required under section 153C of the Income Tax Act. The tribunal emphasized the importance of procedural compliance, citing the Supreme Court's ruling in CIT Vs. Calcutta Knitwears. The cross objections filed by the assessee were deemed timely, within the prescribed limitation period, and were allowed. As a result of the invalidation of the section 153C proceedings, the tribunal did not address the merits of the additions and disallowances made by the AO, ultimately dismissing the Revenue's appeals. en-us Wed, 31 May 2017 00:00:00 +0530 Fri, 02 Jun 2017 14:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343903 The tribunal quashed the assessments due to the lack of a proper satisfaction note recorded by the Assessing Officer (AO) of the searched person as required under section 153C of the Income Tax Act. The tribunal emphasized the importance of procedural compliance, citing the Supreme Court's ruling in CIT Vs. Calcutta Knitwears. The cross objections filed by the assessee were deemed timely, within the prescribed limitation period, and were allowed. As a result of the invalidation of the section 153C proceedings, the tribunal did not address the merits of the additions and disallowances made by the AO, ultimately dismissing the Revenue's appeals. Case-Laws Income Tax Wed, 31 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343903