2024 (5) TMI 1608

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....yant Agrawal & Mr. Prateek Bhati, Advs. For the Respondents Through: Mr. Shlok Chandra, SSC with Mrs. Madhavi Shukla, Ms. Priya Sarkar, JSCs & Mr. Sudarshan Roy, Adv. ORDER PER These writ petitions have been preferred against the impugned notices dated 15 November 2022 issued under Section 153C of the Income Tax Act, 1961 ["Act"] for Assessment Year ["AY"] 2019-20 [W.P.(C) 556/2024], AY 2020-21 [W.P.(C) 559/2024], AY 2014-15 [W.P.(C) 560/2024], AY 2015-16 [W.P.(C) 561/2024], AY 2018-19 [W.P.(C) 562/2024], AY 2016-17 [W.P.(C) 563/2024] and AY 2017-18 [W.P.(C) 586/2024] and all consequential proceedings.  2. Bearing in mind the undisputed fact that the Satisfaction Note dated 04 November 2022  issued by the jurisdictiona....

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....nt of the six AYs' or the "relevant assessment year" under Section 153C would follow the formation of opinion and satisfaction being reached that the material received is likely to impact the computation of income for a particular AY or AYs' that may form part of the block of ten AYs'. Abatement would be triggered by the formation of that opinion rather than the other way around. This, in light of the discernibly distinguishable statutory regime underlying Sections 153A and 153C as explained above. While in the case of the former, a notice would inevitably be issued the moment a search is undertaken or documents requisitioned, whereas in the case of the latter, the proceedings would be liable to be commenced only upon the AO hav....

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.... as abatement would have to necessarily be preceded by the satisfaction spoken of above being reached by the jurisdictional AO of the non-searched entity. 66. Therefore, and in our opinion, abatement of the six AYs' or the "relevant assessment year" would follow the formation of that opinion and satisfaction in that respect being reached. 67. On an overall consideration of the aforesaid, we come to the firm conclusion that the "incriminating material" which is spoken of would have to be identified with respect to the AY to which it relates or may be likely to impact before the initiation of proceedings under Section 153C of the Act. A material, document or asset recovered in the course of a search or on the basis of a ....