AO to record satisfaction regarding existence of undisclosed income before proceeding u/s. 153C of the Act

Beejay Security & Finance Ltd. Vs ACIT (ITAT Mumbai)- Satisfaction is required to be arrived at by the AO of the person who was searched under s 132 of the Act regarding any undisclosed income of the person who was not subjected to a search to hand over the seized material to the AO of the person to whom the seized documents belongs or is alleged to belong.  The satisfaction required for proceedings under s 153C cannot be reduced to a mere formality of forwarding the documents found in the course of the search, which did not belong to the person searched, and which belonged to the person against whom proceedings under s 153C were sought to be initiated.

Beejay Security & Finance Ltd. Vs ACIT 

Decided by- ITAT Mumbai

ITA Nos. 4859 to 4865/Mum/2000

Please become a Premium member. If you are already a Premium member, login here to access the full content.