Law:

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Section 153C of the Income-tax Act, 1961 - Search and seizure - Assessment of income of any other person (Validity of notice) - Assessment years 2000-01 to 2003-04 - Assessee was an educational institution and one 'N' was its President - During search and seizure operation on 'N' certain loose papers were seized - Commissioner issued notice under section 153C to assessee stating that he had reason to believe that notings in said loose papers were in respect of capitation fees and donations - Tribunal found that documents in question were neither incriminating ones nor recorded unaccounted transactions of assessee - Reasons assigned by Assessing Officer in satisfaction note were found to be silent about assessment year in which specific incriminating information or unaccounted or undisclosed hidden information was discovered or seized by revenue from assessee - Tribunal, therefore, quashed notice issued under section 153C - Whether if there was reference made to some loose papers found and seized from 'N' indicating some 'on money' receipt during admission process, then assessment year wise co-relation ought to have been established - Held, yes - Whether on facts no substantial question of law arose out of Tribunal's order - Held, Yes [Para 9] [In favour of assessee] FACTS â–  Assessee was an educational institution registered under section 12AA. One 'N' was the President of the assessee-society. â–  A search and seizure operation was carried out on 'N' and certain loose papers concerning the institute were seized. Simultaneously, the survey action was conducted on the institute. â–  The Commissioner issued the notice under section 153C to assessee stating that he had reason to believe that the notings in the said loose papers were in respect of capitation fees and donations. â–  On appeal before the Tribunal the assessee challenged the validity of notice issued under section 153C. â–  The Tribunal found that incriminating material seized and stated to be pertaining to all six assessment years did not establish any co-relation document-wise with the assessment years in question. It found that the satisfaction recorded by the Assessing…

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