Sec153C of Income Tax Act.

Search conducted U/Sec. 132 prior to June 2015 on Mr. X. On the basis of documents found during the course of search. Assessee Y received Notice U/Sec. 153C. In the Satisfaction Note, it is mentioned that certain documents seized during the course search at Mr. X , pertains to Mr. Y. The documents seized were slips of cash deposits in Bank. Assessee challenge the proceedings u/Sec  153C on the ground that satisfaction is incorrect as it mentioned documents pertains to Y and not Belonging to Y. Whether proceedings initiated U/Sec. 153 c are valid ?

► Read Answer