2020 (3) TMI 106

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....s grievance revolves around a single issue namely learned CIT(A) has erred in deleting the addition of Rs. 2,39,55,483/- out of total addition of Rs. 2,62,08,519/-. 3. On the other hand, assessee has taken ten grounds of appeal. Assessee's grievances can be summarized under two folds, i.e. (i) the learned CIT(A) has erred in upholding the assessment order passed under Section 153C r.w.s. 153A of the Income-tax Act, whereas the Assessing Officer has no such jurisdiction to pass the assessment order and (ii) the learned CIT(A) has erred in confirming the addition at Rs. 22,53,036/- by estimating profit @ 10% in the alleged undisclosed receipt of Rs. 2,25,30,368/-. 4. Both the issues are interconnected with each other; therefore, we take....

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....ansactions is Rs. 2,29,26,071/- as well as cash transactions of Rs. 36,28,449/-. He made additions of these transactions by treating them as undisclosed income of the assessee. 6. On appeal, learned CIT(A) has estimated the profit element involved in alleged receipt and confirmed addition to the extent of Rs. 22,53,036/- being 10% of Rs. 2,25,30,368/-. 7. Before us, at the very outset, learned Counsel for the assessee submitted that for taking cognizance under Section 153C of the Incometax Act, the Assessing Officer of the searched person ought to have recorded a satisfaction exhibiting the fact that documents belonging to the assessee were found at the premises of the searched person during the course of search. These documents or ev....

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....fficer of the searched person is must exhibiting the fact that documents/evidences shown escapement of undisclosed income of a person other than the searched person is available which required to be assessed; thereafter, he would transmit his satisfaction note along with that evidences to the Assessing Officer of such other person having territorial jurisdiction. In case satisfaction by the Assessing Officer of the searched person is being not recorded, then no assessment under Section 153C is sustainable. These appeals are lying in the Tribunal since 2012 and the Department has filed paper-book, but failed to place on record the copy of the satisfaction note. Putting reliance on the submissions of the assessee and, in the absence of any de....