2015 (12) TMI 1225

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....was recorded by the AO of the searched persons authorizing the AO of the assessee to issue notice under section 153C. In its second fold of grievance, the assessee has pleaded that the ld.CIT(A) has erred in confirming the addition of Rs. 8,23,298/-. The ld. Counsel for the assessee at the very outset submitted that the issue in dispute is squarely covered by the order of the ITAT passed in IT(SS)A.No.68/Ahd/2012 and others. He pointed that the Tribunal has disposed of 45 appeals vide its order dated 11.09.2015. The core issue before the Tribunal was whether the alleged satisfaction note recorded by the AO of the searched person is a satisfaction note within the meaning of section 153C authorizing the AO of the assessee to issue notice unde....

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....) of the Act. The ld.AO has passed the assessment order on 16.12.2010 and determined the taxable income of the assessee for the Asstt.Year 2004-05 at Rs. 13,64,620/-. 5. Appeal to the CIT(A) did not bring any relief to the assessee. 6. The ld.counsel for the assessee has produced copy of the alleged satisfaction note which reads as under: "NOTICE UNDER SECTION 153 r.w.s. 153a OF THE INCOMETAX ACT, 1961 Date : 29/08/2008 PAN : AABCR 1050 R A.Y. : 2003-04 To M/s. Ratnaraj Sarees Pvt. Ltd. Bharsavad, Nr.Swaminarayan Temple Amdavadi Bazar Nadiad-387 001. A search u/s 132 of the Income-tax Act was conducted/requisition made u/s 132A of the Income-tax Act in the group cases of Rameshbhai Babubhai Shah & other group of cases on 03.04.2....

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....rporation Jaldhara Apartment Opp. Maha Gujarat Hospital, College Road, Nadiad A search u/s 132 of the Income-tax Act was conducted/requisition made u/s 132A of the Income-tax Act in the group cases of Rameshbhai Babubhai Shah & other group of cases on 03.04.2008. I am satisfied that the money/bullion/jewellery/other valuable articles or things/books of account/documents seized belong(s) to you. Therefore, your income of six assessment years immediately preceding the assessment year relevant to previous year in which the aforesaid search was conducted was made i.e., from A.Ys. 2003-04 to 2008-09 is required to be assessed/re-assessed, in accordance with the provisions of Section 153A r.w.s. 153C of the Act. You are, therefore, required t....

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.... assessee. In view of above, we have no hesitation to hold that the basic condition for issue of notice u/s 153C has not been satisfied. 19. The ld. CIT-DR has claimed that any procedural irregularity in the issuance of notice u/s 153C is a curable defect as provided in Section 292B of the Income-tax Act. We are unable to agree with this contention of the ld. Departmental Representative. Section 292B reads as under:- "292B. No return of income, assessment, notice, summons or other proceeding, furnished or made or issued or taken or purported to have been furnished or made or issued or taken in pursuance of any of the provisions of this Act shall be invalid or shall be deemed to be invalid merely by reason of any mistake, defect or omissio....