https://www.taxtmi.com/highlights?id=84577 A consolidated satisfaction note was prepared for multiple assessment years instead of separate notes, rendering the assessment proceedings u/s 153C invalid. The ITAT held that without a separate satisfaction note establishing the seized materials' relevance to the assessee, no addition could be made without resorting to Sections 147/148 or 153C. As the twin conditions for invoking Section 263 were not met, the ITAT quashed the assessment framed u/s 153C read with Section 143(3), deciding in favor of the assessee. en-us Sat, 04 Jan 2025 08:44:24 +0530 Sat, 04 Jan 2025 08:44:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=84577 A consolidated satisfaction note was prepared for multiple assessment years instead of separate notes, rendering the assessment proceedings u/s 153C invalid. The ITAT held that without a separate satisfaction note establishing the seized materials' relevance to the assessee, no addition could be made without resorting to Sections 147/148 or 153C. As the twin conditions for invoking Section 263 were not met, the ITAT quashed the assessment framed u/s 153C read with Section 143(3), deciding in favor of the assessee. Highlights Income Tax Sat, 04 Jan 2025 08:44:24 +0530 https://www.taxtmi.com/highlights?id=84577