https://www.taxtmi.com/caselaws?id=355727 Proceedings under section 153C require recorded satisfaction by the Assessing Officer of the searched person that seized money, bullion, jewellery, books or documents belong to another person before material is forwarded for assessment. Mere forwarding of seized material is not enough, and satisfaction cannot be presumed. On the facts noted, no express satisfaction note was recorded, and the documents relied on were ordinary records already reflected in the assessee's books rather than incriminating material. The result was that the section 153C proceedings and the consequential assessment were held invalid and quashed in favour of the assessee. en-us Tue, 13 Feb 2018 00:00:00 +0530 Sat, 17 Feb 2018 06:44:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355727 Proceedings under section 153C require recorded satisfaction by the Assessing Officer of the searched person that seized money, bullion, jewellery, books or documents belong to another person before material is forwarded for assessment. Mere forwarding of seized material is not enough, and satisfaction cannot be presumed. On the facts noted, no express satisfaction note was recorded, and the documents relied on were ordinary records already reflected in the assessee's books rather than incriminating material. The result was that the section 153C proceedings and the consequential assessment were held invalid and quashed in favour of the assessee. Case-Laws Income Tax Tue, 13 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355727