Appraisal report cannot substitute requirement of recording of satisfaction in case of persons searched

Shri Anil Agarwal Vs ACIT (ITAT Indore) It has been held that even when the Assessing Officer of the person searched and the other person is common, the Assessing Officer of the person searched has to necessarily form a satisfaction that the item referred to in section 153C belongs or belong to a person other than the person searched. Apparently, in the present appeals, no such satisfaction by the Assessing Officer has been found recorded. Before us, the ld. DRs vehemently argued that the appraisal report is prepared by ADIT who is an Assessing Officer and if in the appraisal report, a recordi...