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TMI Blog2017 (3) TMI 688X X X X Extracts X X X X X X X X Extracts X X X X ..... olding the assessment made by the AO u/s 143(3) r.w.s. 153C of the I.T. Act. Along with Form 36, the assessee has filed the following grounds of appeal: 1. The Ld.CIT (Appeals) erred both in law and on facts in upholding the assessment made u/s 143(3) r.w.s 153C of the IT Act by the Ld.AO. 2. The Ld.CIT(A) ought to have annulled the assessment order passed u/s 143(3) r.w.s 153C of the Act., as the material found in search is not an incriminating document but an open and public document. 3. The Ld.CIT erred in confirming the addition made by the Ld.AO of ₹ 3,04,60,000/- towards the long term capital gain. 4. The Ld.CIT erred in upholding the order of the Ld.AO by considering the fair market values instead of cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r 2003-04, there being no satisfaction recorded by him as well as by the Assessing Officer having jurisdiction over the company searched. 11. The Ld. CIT(A) ought to have annulled the Order of the Assessing Officer appreciating that invoking of the provisions u/s 153C without recording satisfaction by him as well as by the Assessing Officer having jurisdiction over the searched party becomes invalid as held by the Hon'ble A.P High Court in the case of CIT Vs. M/s Shettys Pharmaceuticals Biologicals Ltd in ITTA Nos.662 of 2014 dated.26-11-2014. 12. The Ld. CIT(A) ought to have appreciated the fact that no addition can be made to the income of the assessee u/s 143(3) r.w.s 153C of the Act without there being any incriminatin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct. Further, he has also filed before us the copy of the order of this Tribunal dated 9.12.2015 in ITA Nos. 1082/Hyd/2014 and Others, wherein on similar set of facts, the assessments have been quashed. 4. The learned DR however, supported the orders of the authorities below. 5. Having regard to the rival contentions and the material on record, we find that the assessments in the case of the assessee and also in the case of the other assessees in ITA No.1082/Hyd/2014 Others, are pursuant to the same search in the case of M/s. MBS Jewellers P Ltd on 11.03.2010. We find that at Paras 2.1 to Para 4 of the order, the Tribunal has considered the issue in detail and has observed as under: 2.1. The Ld. Counsel for the assessee, has als ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has held as under : Held : It is clear from section 153C that firstly satisfaction has to be recorded by the Assessing Officer who conducted search, 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. Thereafter, the Assessing Officer having jurisdiction over third party on receipt of the seized material or books of account or document being handed over to him shall record his own satisfaction after examining the same independently without being influenced by the satisfaction of the seizing officer. In other words it is not an automatic action. Satisfaction of two officers is missi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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