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TMI Blog2016 (2) TMI 1208X X X X Extracts X X X X X X X X Extracts X X X X ..... ts for both the years are quashed. - decided in favour of assessee. - 952/Hyd/2013, 953/Hyd/2013, 1149/Hyd/2013, 1150/Hyd/2013 - - - Dated:- 10-2-2016 - SHRI D.MANMOHAN, VICE PRESIDENT AND SHRI S.RIFAUR RAHMAN, ACCOUNTANT MEMBER For the Appellant : Shri K.C.Devdas For the Respondent : Shri M.Sitaram DR ORDER Per Bench : These cross appeals pertain to assessment years 2006-07 and 2007-08 and they arise out of the orders passed by the Assessing Officer under S.143(3) read with S.153C of the Income Tax Act, 1961. 2. In the appeals filed by the assessee, the following additional grounds, as taken from the appeal for assessment year 2006-07(ITA No.952/Hyd/2013), were raised by the assessee 1. The Learned C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n found during the course of such search, and hence, the Assessing Officer initiated proceedings under S.153C of the Act. In response to the notice issued, assessee filed a letter stating that returns filed earlier for the assessment years under consideration should be treated as returns filed in response to notice under S.153C of the Act. Assessments were thereafter completed on a total income of ₹ 63 lakhs and ₹ 13,92,72,438 respectively for the assessment years 2006-07 and 2007-08 by making certain additions/disallowances. On appeal, the CIT(A) partly accepted the contentions of the assessee, and thus, the Revenue as well as the assessee are in appeal before the Tribunal. 4. By way of additional ground, the assessee conten ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n is not available, the Revenue has to abide by the guidelines issued by CBDT which are in terms of the guidelines laid down by the Apex Court. Learned counsel also placed before us a copy of the judgment of the jurisdictional High Court in the case of CIT V/s. Shettys Pharmaceuticals Biologicals Ltd.(2015)57.taxmann.Com.282(Andhra Pradesh) wherein the Hon'ble Court observed that recording of satisfaction is a precondition for invoking jurisdiction under S.153C of Act and in the absence of following of such procedure, the assessments framed under S.153C deserve to be quashed. 5. Learned Departmental Representative fairly admitted that the issue stands squarely covered by the Circular issued by the CBDT as well as the decision of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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