Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
ITAT quashed the assessment order under sections 153A/153C, finding the Joint Commissioner of Income Tax's approval mechanically granted without substantive application of mind. The tribunal determined that the approval process cannot be a mere formality and must involve judicious quasi-judicial consideration of incriminating materials. The approval's lack of meaningful merit evaluation rendered it legally invalid, consequently invalidating the entire assessment proceedings. The assessee's appeal was allowed, effectively nullifying the assessment order due to procedural impropriety in the approval mechanism.
ITAT quashed the assessment order under sections 153A/153C, finding the Joint Commissioner of Income Tax's approval mechanically granted without substantive application of mind. The tribunal determined that the approval process cannot be a mere formality and must involve judicious quasi-judicial consideration of incriminating materials. The approval's lack of meaningful merit evaluation rendered it legally invalid, consequently invalidating the entire assessment proceedings. The assessee's appeal was allowed, effectively nullifying the assessment order due to procedural impropriety in the approval mechanism.
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TaxTMI 
TaxTMI 
of 4915 
