Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Allocation of enhanced FSI/TDR proceeds between cooperative society and individual flat-owners; tribunal deletes society LTCG addition, remits 80P ver...
Reopening of assessment failed because the sanction under section 151 was mechanical and not granted with application of mind by the competent authority. The approving authority merely recorded that it was a fit case for issuing notice under section 148, without proper particulars such as the date of approval or any meaningful consideration of the proposal. Following settled law that such perfunctory approval is invalid, the ITAT held that the statutory precondition for reopening was not met. Accordingly, the entire reassessment proceedings were quashed.
Reopening of assessment failed because the sanction under section 151 was mechanical and not granted with application of mind by the competent authority. The approving authority merely recorded that it was a fit case for issuing notice under section 148, without proper particulars such as the date of approval or any meaningful consideration of the proposal. Following settled law that such perfunctory approval is invalid, the ITAT held that the statutory precondition for reopening was not met. Accordingly, the entire reassessment proceedings were quashed.
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