2022 (12) TMI 886

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....he appeal. 2. According to the appellant/revenue, the delay involved is 115 days. 3. For the reasons given in the application, the delay is condoned. 4. The application is, accordingly, disposed of. ITA 492/2022 5. This appeal is directed against the order dated 25.11.2021 passed by the Income Tax Appellate Tribunal [in short "Tribunal"]. 6. The broad facts, which are required to be noticed for adjudication of the appeal, are as follows: 6.1 On 28.10.2010, a search was carried out qua M/s Satya Prakash & Brother Group of cases [hereafter referred to as "SPG Group"]. SPG Group was headed, at the relevant point in time, by Mr Satya Prakash Gupta. The search was carried out in exercise of powers vested in the concerned officer under Sec....

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.... 295; (ii) Pepsico India Holdings Pvt. Ltd. vs. Assistant Commissioner of Income Tax (2014) 270 CTR 467. 6.8. Pertinently, the CIT(A) observed that jurisdiction was assumed by the AO only on the ground that the respondent/assessee was closely related/associated with the searched person and not because any seized documents or assets belonged to the respondent/assessee. 6.9. In sum, the CIT(A) was of the view that it was an essential pre-requisite for triggering proceedings under Section 153C of the Act that one or more seized document, books of accounts or asset should belong to the assessee. 6.10. It is against this order of the CIT(A) that an appeal was preferred before the Tribunal by the appellant/revenue, which suffered the same fa....

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....53C Notwithstanding anything contained in section 139, section 147, section 148, section 149, section 151 and section 153, where the Assessing Officer is satisfied that any money, bullion, jewellery or other valuable article or thing or books of account or documents seized or requisitioned belongs or belong to a person other than the person referred to in section 153A, then the books of account or documents or assets seized or requisitioned shall be handed over to the Assessing Officer having jurisdiction over such other person" [Emphasis is ours] 11.  We may also note that Mr Zoheb Hossain has, fairly, put before us the satisfaction note dated 02.02.2012, generated by the AO of the respondent/assessee, which discloses that there is ....