2019 (2) TMI 1333

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.... DEVANI) 1. Mr. R.K. Patel, learned advocate for the petitioner, submitted that in this case, in case of the searched person, assessment order came to be passed on 31.12.2016 whereas, the Assessing Officer of the searched person has recorded satisfaction, as required under section 153C of the Income Tax Act, 1961 on 16.03.2018, i.e. after a period of more than one year from the date of the asses....

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....the above judgment, the Central Board of Direct Taxes has issued Circular No.24 of 2015 dated 31.12.2015 stating that several High Courts held that the provisions of section 153C of the Act are substantially similar / pari materia to the provisions of section 158BC of the Act and therefore, the guidelines of the Supreme Court in Calcutta Knitwears's case (supra) apply to proceedings under section ....

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....in this case, since the date of receipt of books of account, etc. is 16.03.2018, the Assessing Officer can proceed to assess the petitioner for six years prior to such date, which would be from the Assessment Year 2013-14 to Assessment Year 2018-19 whereas, in the facts of the present case, the Assessing Officer has issued notice under section 153C of the Act for six years, i.e. from Assessment Ye....