Law:

Section:

Under section 158BD Assessing Officer is required to record his satisfaction if action is taken against any other person other than one covered by section 132 or 132A Section 158BD, read with sections 132 and 132A, of the Income-tax Act, 1961 - Block assessment in search cases - Undisclosed income of any other person - A search and seizure operation under section 131 was carried out at premises of 'B' Ltd. and its proprietor 'P' - After search and seizure of books of account, appreciation report was submitted by raiding party - On basis of that report, action was initiated against assessee and notices under section 158BD were issued to it - Whether there was nothing to indicate that Assessing Officer could have formed an opinion and could have arrived at a satisfaction that assessee had not truly disclosed its income - Held, yes - Whether appreciation report clearly revealed that Assessing Officer was called upon to look into it with regard to several entries and Assessing Officer in his noting had clearly indicated that it required further investigation, in- depth scrutiny and there was nothing to indicate that he had recorded in writing that he was satisfied about action required to be taken - Held, yes - Whether since there was nothing to suggest that Assessing Officer arrived at a satisfaction, proceedings were not in accordance with law and same were required to be quashed - Held, yes FACTS A search and seizure operation under section 131 was carried out at the premises of 'B' Ltd. and its proprietor 'P'. The residential premises of 'P' was also searched. After the search and seizure of books of account, the appreciation report was submitted by the raiding party. On the basis of that report, action was taken against the assessee and notices under section 158BD were issued to it by the Assessing Officer. HELD The Assessing Officer, if he is satisfied that any undisclosed income belongs to any person other than the person in respect of whom the search was made under section 132 or documents were requisitioned under section 132A, then, such documents are to be handed over to the Assessing Officer having jurisdiction for initiating proceedings under section…

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