https://www.taxtmi.com/caselaws?id=442209 The assessments for AYs 2010-11 to 2012-13 were quashed due to the absence of a satisfaction note by the AO of the searched person, rendering the jurisdiction under Section 153C invalid. The Tribunal emphasized the mandatory requirement of a satisfaction note for valid proceedings. For AY 2013-14, the appropriate sale rate was set at Rs. 400/- per sq. ft., and the income was classified as Business Income based on the assessee's consistent land development activities. The appeal outcomes were in favor of the assessee, with assessments quashed for the specified years and adjustments made for AY 2013-14. en-us Wed, 23 Aug 2023 00:00:00 +0530 Sat, 26 Aug 2023 08:22:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442209 The assessments for AYs 2010-11 to 2012-13 were quashed due to the absence of a satisfaction note by the AO of the searched person, rendering the jurisdiction under Section 153C invalid. The Tribunal emphasized the mandatory requirement of a satisfaction note for valid proceedings. For AY 2013-14, the appropriate sale rate was set at Rs. 400/- per sq. ft., and the income was classified as Business Income based on the assessee's consistent land development activities. The appeal outcomes were in favor of the assessee, with assessments quashed for the specified years and adjustments made for AY 2013-14. Case-Laws Income Tax Wed, 23 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442209