Recording of satisfaction note pre-requisite for initiating proceeding u/s. 153C: Madras HC

CIT Central-I Vs SRM Systems and Software Pvt. Ltd. (Madras High Court)

Madras High Court held that the recording of satisfaction note is pre- requisite before initiating proceeding under section 153C of the Income Tax Act. In absence of the same, assessment order is liable to be quashed. Accordingly, appeal of the revenue is dismissed.

Facts- Revenue has preferred the present appeal mainly contesting that whether the Appellate Tribunal was right in quashing the assessment orders made under Section 153C of the Income Tax Act without verifying the Satisfactio

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