2016 (8) TMI 1359

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.... PER D. MANMOHAN, V.P. These appeals by the assessee are directed against the common order passed by the CIT(A), Guntur and they pertain to the A.Ys. 2004-05 to 2007-08. 2. Consequent to the search and seizure operations the papers appears to have been forwarded to the concerned Assessing Officer who inturn, issued notices under section 153C of the Act and thereafter, completed the assessm....

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....R. enclosed a copy of the letter of the Asst. Commissioner of Income Tax, Circle-1, Nellore dated 03.05.2016 to submit that there is no satisfaction note recorded in the order sheets for the A.Ys. 2004- 05 to 2007-08. The Ld. D.R. placed copy of the letters and fairly admitted that as per the CBDT guidelines such appeals should be either withdrawn or not pressed when it does not meet the guideline....

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....er :  "7. Under identical circumstances, the ITAT Hyderabad Bench in the case of Shettys Pharmaceuticals & Biologicals Ltd., vs. DCIT, Central Circle-2, Hyderabad (2014) 47 taxmann.com 85 (Hyd.) (Tribu.) quashed the proceedings for non-recording of reasons by observing in para-33 as under : "33. The above two judgments were delivered u/s. 158BD. We have carefully gone throug....

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....this, we are inclined to hold that initiation of proceedings u/s. 153C of the Act in the case of the assessee for these two assessment years is not proper as there is no satisfaction recorded by the AO having jurisdiction over the person searched or requisitioned u/s. 132A of the Act during the course of assessment proceedings of searched party or later before issue of notice u/s. 153C of the Act.....