https://www.taxtmi.com/caselaws?id=423641 The High Court remanded the case to the ITAT to examine the jurisdictional aspects and merits. The Tribunal found the AO lacked objective satisfaction that the seized documents belonged to the assessee, invalidating proceedings under Section 153C for 2007-08. The Tribunal emphasized the necessity of an objective satisfaction note for invoking Section 153C. The Tribunal quashed the assessment order for 2007-08 due to improper satisfaction. For 2008-09, the Tribunal directed limiting additions to Rs. 50 lakhs instead of Rs. 6,26,74,760/- for unproved trading liabilities. en-us Thu, 28 Apr 2022 00:00:00 +0530 Fri, 10 Jun 2022 10:19:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423641 The High Court remanded the case to the ITAT to examine the jurisdictional aspects and merits. The Tribunal found the AO lacked objective satisfaction that the seized documents belonged to the assessee, invalidating proceedings under Section 153C for 2007-08. The Tribunal emphasized the necessity of an objective satisfaction note for invoking Section 153C. The Tribunal quashed the assessment order for 2007-08 due to improper satisfaction. For 2008-09, the Tribunal directed limiting additions to Rs. 50 lakhs instead of Rs. 6,26,74,760/- for unproved trading liabilities. Case-Laws Income Tax Thu, 28 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423641