AY relevant for Action depends on Date of Recording Satisfaction, not Date of Search u/s 153C of Income Tax Act: Delhi HC

The Delhi High Court has ruled that for the purpose of initiating action under Section 153C of the Income Tax Act, the assessment year (AY) relevant for the action depends on the date of recording the satisfaction, not the date of search. The court clarified that the satisfaction note is crucial in determining the timeline for subsequent legal actions. This judgment reinforces the importance of procedural compliance in tax assessments, ensuring that actions are taken within the correct legal framework.