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Whether the Tribunal is justified in law on the facts and in the circumstances of the case in holding that the assessment order passed under s. 148BD r/w s. 158BC is not valid and is void ab initio on the ground that the AO of the person searched has not recorded satisfaction before the completion of block assessment proceedings under s. 158BC relying upon the decision of the Apex Court in case of Manish Maheswari (289 ITR 341) without appreciating the fact that the AO in the case of the person searched as the AO who initiated proceedings under s. 158BD in the case of the respondent–assessee is the same person and also that satisfaction was recorded in the case of the respondent-assessee before the issue of notice under s. 158BD?

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Sec. 158BC & 158BD of Income-tax Act, 1961 - Search and seizure – Revenue preferred the appeal against the order of Tribunal whereby it held that the assessment order passed under s. 148BD r/w s. 158BC is not valid and is void ab initio on the ground that the AO of the person searched has not recorded satisfaction before the completion of block assessment proceedings under s. 158BC. Tribunal set aside the order of the AO as well as the CIT(A) merely on the ground that the satisfaction has not been recorded before completion of the assessment proceedings. High Court allowed the appeal of the revenue holding that “The satisfaction can even be recorded immediately after completion of the assessment proceedings under s. 158BC of the Act and in the instant case, admittedly, the satisfaction has been recorded after completion of the proceedings under s. 158BC of the Act”. - ASSTT. CIT V/s N. RAMAKRISHNAN - [2020] 316 CTR 461 (KARN)