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If the notice under clause Under the new scheme of reassessment, a notice
(b) of section 148A has under s. 148 of the Act is to be issued only after
been issued with respect to taking prior approval of the specified authority as
some information gathered prescribed under section 151 of the Act. However,
during the course of search under clauses (b) and (c) of the proviso to section
under s. 132 or books of 148A of the Act, one more prior approval of
a c c o u n t s / a s s e t s Principal Commissioner or Commissioner is
requisitioned under s. required to be obtained by an assessing officer in
132A, then whether the two cases viz. (i) in a case where the assessing
prior approval of the officer is satisfied that any money, bullion,
Principal Commissioner or jewellery or other valuable article or thing, seized
Commissioner has been in a search under section 132 or requisitioned
obtained? under section 132A, in the case of any other
person, belongs to the assessee; (ii) in a case
where the assessing officer is satisfied that any
books of account or documents, seized in a search
under s. 132 or requisitioned under s. 132A, in case
of any other person pertains or pertain to, or any
information contained therein relate to the
assessee. It may be noted that the aforesaid
approval of the PCIT is invariably required to be
taken in every case where the AO forms a
satisfaction as regard to the seizure of material or
books of accounts or documents and even if the
notice is issued for a period beyond three years
then also it is only the approval of PCIT and not that
of PCCIT that can be obtained.
If the notice under clause The provisions of the clause (b) and clause (c) of the
(b) of section 148A has proviso to section 148A mandates satisfaction of
been issued with respect to the assessing officer to the effect that any valuable
some information gathered assets belongs to or books of accounts or
during the course of search documents pertains or pertain to or any
under s. 132 or books of information contained therein relate to a person
a c c o u n t s / a s s e t s other than the person searched under s. 132 or the
requisitioned under s. person requisitioned under s. 132A of the Act. Such
132A, then whether any satisfaction, as per the settled position of law
satisfaction note has been propounded in the context of the similar situation
prepared by the assessing where recording of the satisfaction has been
officer? provided for, is required to be recorded in writing.
Also, such satisfaction should be an objective
satisfaction & not subjective one. Thus, an assessee
should request the concerning assessing officer to
provide him a copy of the satisfaction note.
00162 You must expect gr
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