2014 (2) TMI 1168

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....ion 158BD of the Act and the assessee filed his return of income on May 27, 2004, show ing nil undisclosed income for the block period. The Assessing Officer, completed the assessment under section 158BD read with section 158BC(c) on 31st January determining the taxable income of the assessee for the entire block period. The aggrieved assessee preferred an appeal before the Commissioner of Income-tax (Appeals) who dismissed the appeal of the assessee on December 20, 2006. Further, an appeal was preferred by the assessee challenging the order of the Commissioner of Income-tax (Appeals) before the Income-tax Appellate Tribunal ("the ITAT" for short). Initially, such appeal was dismissed for want of prosecution, however, later on, such o....

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....ave heard learned counsel, Shri K. M. Parikh, for the Revenue. He has agreed to the fact that an identical question has been decided by this court in the case of Lalitkumar Patel (supra), and the Department has chosen to carry the said matter to the apex court. However, the matter has so far not been listed for hearing before the apex court. On having heard the learned counsel and on examination of the material on record, we could notice that the assessee had raised essentially the issue of assessment under section 158BD read with section 158BC for the block period from April 1, 1995, to December 19 2001, as bad in law since no satisfaction was recorded by the Assessing Officer having jurisdiction over the non-searched person. It is to b....

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....p;     "12. In the instant case, as could be noted from the record, search had been carried out in case of Jayraj Group. On examination of the files produced before us by the learned counsel Shri Parikh, it can be seen that the satisfaction recorded by the Assessing Officer is in the case of this very assessee. On pertinently questioned about the satisfaction of the Assessing Officer in case of the searched person (i.e., Jayraj Group), the Revenue is unable to point out any such satisfaction of Assessing Officer in case of Jayraj Group. It had been emphatically argued before us that the Assessing Officer being the same person i.e. Shri A. K. Sinha, such satisfaction when recorded in case of the present assessee should be....