Benami transaction and beneficial ownership: documentary and circumstantial evidence show payors were true beneficiaries, resulting in PBPTA consequen...
Denial of Preferential Treatment under SAFTA overturned where unchallenged Country of Origin certificate warranted exemption under Notification benefi...
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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