Reassessment of non-searched taxpayer based on search seizures: satisfaction note u/s153C required; s.148 notices quashed

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....Where reassessment of a non-searched person is proposed on the basis of incriminating material seized in a search under ss. 132/132A, ss. 153A/153C, being special provisions with overriding effect, govern the field. The AO of the searched person must record a satisfaction note identifying such material as pertaining to the other person and transmit it to the jurisdictional AO; this is a statutory, jurisdictional precondition and not a procedural formality. In the absence of such satisfaction, the jurisdictional AO cannot bypass s. 153C by issuing notice under s. 148 on the same search material; s. 147/148 can be invoked only on independent, non-search material. Accordingly, the impugned s. 148 notices were quashed. - HC....