Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
The dominant issue was whether the mandatory prior approval under section 153D was valid, or was granted mechanically without independent application of mind. The forum held that while section 153D does not require detailed reasoning, the approving authority must record at least some indication of independent consideration; here, the approval contained no reasoning and reflected borrowed satisfaction from the AO, defeating the statutory safeguard. Consequently, assessments founded on such void approval were treated as non est in law, and the assessee's appeal was allowed. - ITAT
The dominant issue was whether the mandatory prior approval under section 153D was valid, or was granted mechanically without independent application of mind. The forum held that while section 153D does not require detailed reasoning, the approving authority must record at least some indication of independent consideration; here, the approval contained no reasoning and reflected borrowed satisfaction from the AO, defeating the statutory safeguard. Consequently, assessments founded on such void approval were treated as non est in law, and the assessee's appeal was allowed. - ITAT
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