9911796707
TMI Blog2023 (1) TMI 201X X X X Extracts X X X X X X X X Extracts X X X X ..... Meena Jain, Directors in M/s. Oracle Credit Ltd., Shiv Kamal Impex Ltd and Move Traders and Credit P. Ltd. During the course of search operation, ledger accounts of the assessee marked as page No. 111 and 112 of Annexure A-2 and page No. 137 in the books of Shiv Kamal Impex Ltd and page No. 110 in the books of M/s. Move Traders & Credits Pvt. Ltd. were found. Based on these seized documents, a satisfaction note pertaining to the assessee was recorded by the Assessing Officer of the searched persons and was received by the Assessing Officer of the assessee on 05.01.2015. Accordingly, the Assessing Officer initiated proceedings u/s. 153C of the Act in the present case and observed that as per seized documents, the loan of Rs.10,00,000/- recei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2.03.2013 for A.Y. 2004-05 in ITA No. 1344/Del/2012, wherein it was held thus : "18. The learned counsel for the assessee has also argued that the issue of notice under Section 153C is barred by limitation as per proviso to Section 153C. He stated that as per the Revenue, the satisfaction for initiating proceedings under Section 153C was recorded on 21st June, 2010 and notice under Section 153C was also issued on 21st June, 2010. Thus, obviously, the seized paper was handed over to the Assessing Officer of such other person on 21st June, 2010. Now, as per proviso to Section 153C, the date of search is to be substituted by the date of receiving the books of account or documents or assets seized. Accordingly, the assessment can be reopened ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under section 132A after the 31st day of May, 2003, the Assessing Officer shall - (a) issue notice to such person requiring him to furnish within such period, as may be specified in the notice, the return of income in respect of each assessment year falling within six assessment years referred to in clause (b), in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed and the provisions of this Act shall, so far as may be, apply accordingly as if such return were a return required to be furnished under section 139; (b) assess or reassess the total income of six assessment years immediately preceding the assessment year relevant to the previous year in which such search ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hed and the Assessing Officer of such other person is the same, he has to first record the satisfaction in the file of the person searched and thereafter, such note alongwith the seized document/books of account is to be placed in the file of such other person. The date on which this exercise is done would be considered as the date of receiving the books of account or document by the Assessing Officer having jurisdiction over such other person. Though while examining the facts of the assessee's case we have arrived at the conclusion that no such exercise has been properly carried out and therefore initiation of proceedings under Section 153C itself is invalid, however, since both the parties have argued the issue of period of limitation als ..... X X X X Extracts X X X X X X X X Extracts X X X X
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