TaxTMI 
TaxTMI 
2026 (6) TMI 1075
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....er (hereinafter referred to as the Ld. AO, for short) passed u/s 271DA/143(3)/153Cof the Income-tax Act, 1961 (hereafter referred to as 'the Act'). Further details of the orders of the lower authorities are as under: ITA No. & AY Ld. FAA who passed the appellate order Appeal No. & Date of order of the Ld. FAA AO who passed the assessment order & Date of order 8390/D/25 2019-20 CIT(A)-3, Noida ITBA/APL/M/250/2025-26/1082698143(1) Dated 17.11.2025 DCIT, CC, Meerut Dated 13.02.2024 8391/D/25 2020-21 CIT(A)-3, Noida ITBA/APL/M/250/2025-26/1082698143(1) Dated 17.11.2025 DCIT, CC, Meerut Dated 26.02.2024 8392/D/25 2021-22 CIT(A)-3, Noida ITBA/APL/M/250/2025-26/1082698143(1) Dated 17.11.2025 DCIT, CC....
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.... Section 269ST which prohibits receiving Rs. 2,00,000/- or more in aggregating from a person in respect of single transaction or in respect of single event or occasion otherwise than by an account payee cheque or an account payee bank profit or use of electronic clearance system through a bank account. Assessing Officer also levied penalty in AY: 2019-20, 2020-21 u/s 271DA for the corresponding amount allegedly received in cash under the aforesaid transaction of the sale of immovable property. 5. Now what ld. counsel has submitted is that the assessment order in AY: 2021-22 is vitiated as the satisfaction recorded by the assessing officer of the assessee is beyond the permissible period as laid down by Hon'ble Supreme Court in case of CI....
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....tta Knitwears, Ludhiana [2014 (4) TMI 33] dated 12.03.2014, which holds as under- "44. In the result, we hold that for the purpose of Section 158BD of the Act a satisfaction note is sine qua non and must be prepared by the assessing officer before he transmits the records to the other assessing officer who has jurisdiction over such other person. The satisfaction note could be prepared at either of the following stages: (a) at the time of or along with the initiation of proceedings against the searched person under Section 158BC of the Act; (b) along with the assessment proceedings under Section 158BC of the Act; and (c) immediately after the assessment proceedings are completed under Section 158BC of the Act of the searched person....
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....be prepared at any of the following stages: (a) at the time of or along with the initiation of proceedings against the searched person under Section 158BC of the Act; (b) along with the assessment proceedings under Section 158BC of the Act; and (c) immediately after the assessment proceedings are completed under Section 158BC of the Act of the searched person 3. Several High Courts have held that the provisions of section 153C of the Act are substantially similar/pari-materia to the provisions of section 158BD of the Act and therefore, the above guidelines of the Hon'ble SC, apply to proceedings u/s 153C of the IT Act, for the purposes of assessment of income of other than the searched person. This vi....
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....searched persons as well as the third party who is issued notice is two years, it is reasonable to assume that the revenue can be given latitude of six months which can be considered as "immediate" or immediately proximate in point of time. In the present case, the six-month period expired on 28.02.2003; the satisfaction note was recorded on 06.03.2003 and the notice was issued more than 3½ months after lapse of the date i.e. 18.06.2003." 10. In the light of aforesaid discussion we are inclined to hold that the impugned assessment order for AY: 2021-22 is vitiated as based upon assumption of jurisdiction which itself was vitiated on the basis of aforesaid judicial pronouncements. 11. Further, in regard to the penalty proceeding....