Proceedings u/s 158BD not tenable where satisfaction note is not on record

Brief of the Case Delhi High Court held In the case of Haryana Paneer Bhandar vs. CIT. that the Revenue has been unable to produce the satisfaction note of the AO of the searched person. Consequently, on this short ground of there being no satisfaction note, which is a mandatory requirement under Section 158BD. Facts of the Case The Assessee is a partnership firm engaged in the business of manufacture and sale of paneer and snack item. A search and seizure operation was conducted on 15th December, 1997 at the premises of one Mr. Kamal Chand Jain, wherein certain hundis as stated to have been i...