Mechanical Satisfaction Note Invalid: ITAT Quashes 153C Assessment in Alankit Group Case

Kiran Agarwal Vs DCIT (ITAT Delhi) Mechanical Satisfaction Note Invalid: ITAT Quashes 153C Assessment in Alankit Group Case The Delhi ITAT quashed the assessment framed under section 153C against Kiran Agarwal for AY 2019-20, holding that the satisfaction note recorded by the Assessing Officer was a mere formality and completely lacked any meaningful application of mind. The proceedings arose from a search conducted on the Alankit Group on 18.10.2019. Based on certain ledgers allegedly found during the search, the Revenue initiated proceedings under section 153C against the assessee. The asses...