Dismissing the appeal of the revenue the Court held that statute mandates that a satisfaction note has to be recorded by the AO. Office note at best can be treated to be a speculation and cannot qualify to be a valid satisfaction note.\u00a0 On the factual aspect, the Tribunal has rendered a finding in favour of the assessee and this finding of fact cannot be allowed to be reopened by the Revenue. Further, initiation of the proceedings under s. 158BD pursuant to a letter dt. 5th Aug., 2003 issued by the AO of the searched person is barred by time as it is almost a year after the block assessment was completed on the searched person on 28th Aug., 2002. (AY. 1991-92 to 2001-02)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 158BD : Block assessment-Undisclosed income of any other person-No recording of satisfaction-Office note cannot be considered as recording of satisfaction-Order of Tribunal quashing the assessment order is affirmed by High Court.[S.132, 158BC, 260A]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-59479","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-ftl","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59479","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=59479"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59479\/revisions"}],"predecessor-version":[{"id":59480,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59479\/revisions\/59480"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=59479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=59479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=59479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}