TaxTMI 
TaxTMI 
2015 (2) TMI 713
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.... 158BD of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), in the body of the notice, it is stated as under : "A search under section 132 of the Income-tax Act, 1961 has taken place at business, residential and other premises on August 13, 2002 in your case. Based on seized materials and other facts and as per the provisions of the Income-tax Act, assessment of the block period (as mentioned above) in your case has to be completed by following spe cial procedure as laid down in Chapter XIV-B of the Income-tax Act. Therefore, you are hereby given a notice under section 158BC of the Income-tax Act to furnish a return in the prescribed Form No. 21:1 and verified an....
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...., lastly, contended that in any case, the action is rather belated. As noted, the proceedings against the searched person completed on August 3, 2004, and after more than a year, the impugned notice came to be issued. 4. In support of his contentions, the learned counsel for the petitioner placed reliance on the following decisions : (i) CIT v. Mridula, Prop. Dhruv Fabrics reported in ; [2012] 20 taxmann.com 575 (Punj. & Har.). (ii) Manish Maheshwari v. Asst. CIT reported in [2007] 159 Taxman 258 (SC) ; (iii) Chandrakantbhai Amratlal Thakkar v. Deputy CIT repor....
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....in respect of any other person. The conditions precedent are : (i) Satisfaction must be recorded by the Assessing Officer that any undisclosed income belongs to any person, other than the person with respect to whom search was made under section 132 of the Act; (ii) The books of account or other documents or assets seized or requisitioned had been handed over to the Assessing Officer having juris diction over such other person ; and (iii) The Assessing Officer has proceeded under section 158BC against such other person. 6.2 In the case of Chandrakantbhai ....
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....oceedings of the searched person. 6.4 In the case of Padmini M. Nair v. Union of India [2013] 215 Tax mann 49 (Guj), this court observed that a mere note produced by the revenue cannot be seen as any recording of satisfaction as envisaged under section 158BD of the Act. 7. In the present case, the Revenue has not produced any evidence to show that the Assessing Officer of the searched person had arrived at a satisfaction during the course of such proceedings that the undisclosed income belong to the present petitioner. In the affidavit-in-reply also, all that is stated is that during the search against the Piyush Shroff HUF, certain incriminating documents were seized, on the basis of which the deponent of the affidavit-in-reply is sa....