Assessment u/s. 153C vitiated due to absence of proper and valid recording of satisfaction

Smt. Prema Devi Vs DCIT (ITAT Chennai) ITAT Chennai held that assessments under section 153C of the Income Tax Act stands vitiated in law since there is complete absence of proper and independent satisfaction as required u/s. 153C. Accordingly, appeal allowed. Facts- On 22.05.2012, a search and seizure operation u/s.132 of the Act, was conducted at the business premises of Shri Shanthilal. In the course of this operation, the officials also visited the residential premises on the first floor, where Smt.Prema Devi was residing. During the search, a diary was seized from her residence. The said ...