Case Law Details
CA Sandeep Kanoi
Honourable SC has held in the case of CIT vs. Calcutta Knitwears 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 prepared at either of the following stages: (a) at the time of or along with the initiation of proceedings against the searched person under Section 1 58BC of the Act; (b) along with the assessment proceedings under Section 158BC of the Act; and (c) immediately after the assessment proceedings are completed under Section 1 58BC of the Act of the searched person.
Relevant Paragraph From the Judgment
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