9911796707
TMI Blog2018 (12) TMI 1968X X X X Extracts X X X X X X X X Extracts X X X X ..... pite categorical directions given by this Tribunal. However, a satisfaction note in the case of assessee has been furnished by the revenue - Ld. CIT(DR) fairly conceded the fact that despite various reminders, the satisfaction note by A.O. of searched person i.e. M/s. Phoenix Devcons Pvt. Ltd., 434, Orbit Mall, Indore is not made available. The revenue has not brought to our notice any other binding precedent by the Hon'ble Supreme Court or the Hon'ble jurisdictional High Court. We therefore, respectfully following the Hon'ble High Court of Madhya Pradesh in the case of CIT Vs. Mechmen 11-C [ 2015 (7) TMI 538 - MADHYA PRADESH HIGH COURT] hold that the proceedings u/s 153C of the Act is not validly initiated and is contrary t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ission made before him. 4. The assessee reserves its right to add, alter, modify or amend the grounds of appeal as and when required. 2. The facts giving rise to the present appeal are that a search and seizure operation u/s 132 of the Income Tax Act, 1961 (hereinafter called as the Act ) were conducted at the various premises, persons and concerns commonly known as Satellite Hills on 19.11.2009. The search operation was initiated in the case of M/s. M/s. Phoenix Devcons Pvt. Ltd. and others on 19.11.2009. It is alleged by the A.O. that during the search operation, various documents/loose papers were seized from the premises of M/s. Phoenix Devcons Pvt. Ltd., 434-Orbit Mall, Indore belonging to M/s. Avalanche Reality Pvt. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the assessee has relied upon various case laws. Ld. Senior Counsel placed reliance on the judgement of Hon'ble jurisdictional High Court rendered in the case of CIT Vs. Mechmen 11-C (2015) 60 taxmann.com 484 (M.P.). Ld. Senior Counsel submitted that admittedly no satisfaction was recorded by the A.O. in the case of searched person. He submitted that the revenue has miserably failed to produce and place on record the requisite satisfaction note recorded in the case of the searched person. He submitted that law is well settled that jurisdiction in the case of the other person the assessee herein u/s 153C of the Act could be exercised only in the event when the Assessing Officer of the searched person makes a satisfaction note that dur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tention of the Ld. D.R. that no specific ground was raised before Ld. CIT(A) challenging the assessment on the ground that no satisfaction was recorded by the assessing officer of the searched person. Hence, the assessment is vitiated. Ld. Senior Counsel Shri Sumit Nema in response to the query submitted that law is well settled that a ground on legal issue can be raised at the appellate stage. In support of this contention, Ld. Counsel relied upon the judgement of the Hon'ble apex court rendered in the case of NTPC Limited Vs. CIT (1998) 229 ITR 353 (SC). Therefore, respectfully following the judgement of the Hon'ble Supreme Court rendered in the case of NTPC Limited Vs. CIT (supra), the ground raised was admitted for adjudication. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 132 or making of requisition under section 132A in the second proviso to [sub-section (1) of] section 153A shall be construed as reference to the date of receiving the books of account or documents or assets seized or requisitioned by the Assessing Officer having jurisdiction over such other person:] [Provided further that the Central Government may by rules made by it and published in the Official Gazette, specify the class or classes of cases in respect of such other person, in which the Assessing Officer shall nto be required to issue notice for assessing or reassessing the total income for six assessment years immediately preceding the assessment year relevant to the previous year in which search is conducted or requisition is m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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