ITAT Quashes Section 153C Assessment as Satisfaction Note Was Common for Multiple Years

Advertisement ACIT Vs Indeed Fincap Pvt. Ltd. (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi, dismissed the Revenue’s appeal and upheld the order of the Commissioner of Income Tax (Appeals), which had quashed the assessment made under Section 153C of the Income-tax Act for Assessment Year 2014-15. The Revenue had challenged the deletion of additions of ₹29 lakh under Section 68 and ₹4.40 crore under Section 69A, as well as the finding that the assumption of jurisdiction under Section 153C was invalid. The Revenue contended that a search conducted on the SMC Global Se...