Allowing the appeal of the assessee the Tribunal held that, recording satisfaction note by Assessing Officer that material recovered in search related to assessee is mandatory. Assessment made solely on basis of statement recorded during survey of another company without furnishing copy of statement or allowing it opportunity to cross-examine deponent. Assessment is held to be without jurisdiction. (AY.2014-15, 2016-17)
I Q City Foundation v. ACIT (2020) 84 ITR 212 / (2021) 186 ITD 555 (Kol.)(Trib.)
S. 153C : Assessment-Income of any other person-Search-Recording satisfaction note by Assessing Officer that material recovered in search related to assessee is mandatory-Assessment made solely on basis of statement recorded during survey of another company without furnishing copy of statement or allowing it opportunity to cross-examine deponent-Statement recorded during survey-Assessment without jurisdiction. [S. 132, 132A, 153A]