SC Upholds Invalidity of Section 153C Notices Lacking Proper Satisfaction Note

PCIT Vs Dev Technofab Ltd. (Supreme Court of India) In a recent judgment, the Supreme Court of India dismissed the Special Leave Petition filed by the Principal Commissioner of Income Tax (PCIT) against Dev Technofab Ltd., thereby upholding the Delhi High Court’s ruling that notices issued under Section 153C of the Income Tax Act, 1961, are invalid if not based on a proper satisfaction note. The case originated when the Income Tax Department issued notices to Dev Technofab Ltd. for the assessment years (AY) 2014-15 to 2020-21 under Section 153C, which pertains to assessments of income of...