Assessment u/s 153C on non-recording of reasons & unsigned order sheet invalid

Sri Sesha Sai Township P. Ltd. Vs ACIT (ITAT Visakhapatnam) Conclusion: Where AO of searched person had not recorded the reasons and order sheet of  AO of assessee though reasons were typed but remained unsigned, notice issued u/s 153C and the assessment order passed by AO was not valid as AO did not comply with the statutory requirement for issue of notice u/s 153C. Held: AO initiated proceedings under section 153C in assessee’s case. Assessee contended that there was non-recording of satisfaction by AO of searched person for transfer of the material and to take action under section 153C b...