AdvertisementSakshat Jain Vs ACIT (ITAT Delhi) Delhi ITAT Upholds Section 153C Proceedings but Restricts Addition on Bogus Sales to 1% GP Estimation The Delhi ITAT partly allowed the assessee’s appeals while dismissing the Revenue’s cross appeals, holding that the initiation of proceedings under section 153C was valid, as the seized material recovered during the search on the K.K. Spun Group specifically pertained to and related to the assessee’s alleged bogus sales transactions. The Tribunal rejected the assessee’s challenge to the absence of a proper satisfaction note, observing t...