2014 (12) TMI 1067

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....ase, whether the Hon'ble Tribunal (ITAT) is correct in law in quashing the assessment framed under Section 153C of the Income Tax Act 1961 on the ground that there is no satisfaction recorded by the Assessing Officer having jurisdiction over the searched person despite the fact that the Assessing Officer of the Respondent assessee and the Assessing Officer of the searched assessee are one and the same and the satisfaction recorded by the common Assessing Officer before issue of notice under Section 153C of the Income Tax Act, 1961 is sufficiently valid to finalize the assessment under Section 153C of the Income Tax Act? We have heard Sri B. Narasimha Sarma, learned counsel for the appellant Revenue and gone through the impugned judgm....

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....on 153A, then the books of account or documents or assets seized or requisitioned shall be handed over to the Assessing Officer having jurisdiction over such other person and that Assessing Officer shall proceed against each such other person and issue notice and assess or reassess the income of the other person in accordance with the provisions of section 153A, if, that Assessing Officer is satisfied that the books of account or documents or assets seized or requisitioned have a bearing on the determination of the total income of such other person for the relevant assessment year or years referred to in sub-section (1) of section 153A. (emphasis supplied) It is therefore clear that firstly satisfaction has to be recorded by the Asses....