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TMI Blog2014 (12) TMI 1396X X X X Extracts X X X X X X X X Extracts X X X X ..... ear in the case of search as was made on 28.03.2003. The notice under Section 158BD is issued on 09.07.2003. The satisfaction note is prior to the date of issue of notice. But certainly, not either on the day the assessment order was passed in the case of searched person or before 31.03.2003. As held by the Apex Court in the aforesaid judgment the satisfaction note has to be prepared immediately after the assessment proceedings are completed under Section 158BC of the Act of the searched person. Therefore on the ground that such a note was not prepared either at the time when the order was issued under Section 158BD or before 31.03.2003, the proceedings initiated under Section 158BD cannot be held valid. What remains is the question of w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... satisfaction under Section 158BD should be recorded before completion of the block assessment under Section 158BC in the case of the person search in order to initiate proceedings under Section 158BD against the person other than, searched without noticing that Section 158BD has not stipulated any limitation and pendency of block assessment proceedings for recording satisfaction? 3. We have heard the learned counsel for the parties. 4. The tribunal has held that the satisfaction note has been recorded after the expiry of time limit under Section 158 BE in the case of the search person and therefore the notice issued under Section 158 BD is not validly issued. 5. In fact, the question whether when exactly the satisfaction note c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... searched person in respect of whom a search was made under Section 132 or requisition of books of accounts were made under Section 132A of the Act. The language of the provision is clear and unambiguous,. The legislature has not imposed any embargo on the assessing officer in respect of the stage of proceedings during which the satisfaction is to be reached and recorded in respect of the person other than the searched person. Para 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 prepar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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