Delhi ITAT Quashes 153C Notice: When Vague Satisfaction Note is Legally Insufficient

Stercon Energy Pvt. Ltd. Vs ACIT (ITAT Delhi) 153C Assessment Quashed for Lack of Incriminating Material & Vague Satisfaction Note – Additions on Alleged Accommodation Entries Also Deleted A search was conducted in the case of Himanshu Verma Group, an alleged entry operator. Based only on his statement that he controlled several shell companies including the Assessee, proceedings u/s 153C were initiated &  commission income was added @4% on total bank credits (₹25,91,654) &  further @1% on capital (₹13,29,719) alleging sale of company for cash. Key Defence of Assessee: No ...