https://www.taxtmi.com/caselaws?id=773633 ITAT Visakhapatnam quashed assessment orders under section 153C for assessment years 2016-17 and 2017-18, finding no valid satisfaction recorded by the AO of the searched person. The satisfaction dated 03.09.2018 regarding the assessee was recorded before the searched person's satisfaction on 06.09.2018, creating jurisdictional invalidity. The tribunal held that without proper satisfaction from the searched person's AO, the entire proceedings lacked legal foundation. Additionally, regarding undisclosed business income from property sales, the tribunal directed estimation of 25% profit on total unaccounted receipts rather than treating entire gross receipts as unaccounted sales, recognizing legitimate business expenditure against on-money transactions. en-us Tue, 18 Mar 2025 00:00:00 +0530 Thu, 26 Jun 2025 08:35:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773633 ITAT Visakhapatnam quashed assessment orders under section 153C for assessment years 2016-17 and 2017-18, finding no valid satisfaction recorded by the AO of the searched person. The satisfaction dated 03.09.2018 regarding the assessee was recorded before the searched person's satisfaction on 06.09.2018, creating jurisdictional invalidity. The tribunal held that without proper satisfaction from the searched person's AO, the entire proceedings lacked legal foundation. Additionally, regarding undisclosed business income from property sales, the tribunal directed estimation of 25% profit on total unaccounted receipts rather than treating entire gross receipts as unaccounted sales, recognizing legitimate business expenditure against on-money transactions. Case-Laws Income Tax Tue, 18 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773633