Tribunal held that since the assessment for the assessment year 2009-10 was not pending at the time of recording the satisfaction by the AO as on 4th Aug., 2015, then in the absence of any incriminating material, the AO cannot make any addition. \u00a0Tribunal also held that Joint development agreement entered into between the assessee and other codeveloper cannot be held as incriminating material as the amount received by the assessee as the refundable security under the JDA is reported in the assessee’s balance sheet as well as in the cash book and bank account; further, satisfaction recorded by the AO without specifying the linkage between the seized material and the undisclosed income of a particular assessment year did not satisfy the requirements of the statutory provisions and consequently, the proceedings initiated by the AO under S. \u00a0153C on the basis of such invalid satisfaction are not sustainable. (AY. 2009-10)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 153C: Assessment-Income of any other person-Search-Recording of satisfaction-Assessment for the Assessment year 2009-10 was not pending at the time of recording of the satisfaction by the Assessing Officer-Joint development agreement entered into between the assessee and other codeveloper cannot be held as incriminating material as the amount received by the assessee as the refundable security under the JDA is reported in the assessee’s balance sheet as well as in the cash book and bank account-Proceedings initiated on the basis of invalid satisfaction are not sustainable. [S. 2(47)(v), 132, 153A] <\/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_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-61758","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-g46","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/61758","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=61758"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/61758\/revisions"}],"predecessor-version":[{"id":61759,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/61758\/revisions\/61759"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=61758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=61758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=61758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}