https://www.taxtmi.com/caselaws?id=362914 The Tribunal allowed the appeal and quashed the reassessment proceedings due to the invalidity of the approval granted under Section 151, which was deemed mechanical and lacking proper application of mind. The judgment highlighted the necessity of detailed and reasoned approvals in reassessment processes to uphold legal standards and principles of natural justice. Consequently, the penalty appeal was also allowed as the basis for the penalty ceased to exist following the quashing of the reassessment proceedings. en-us Tue, 03 Jul 2018 00:00:00 +0530 Thu, 05 Jul 2018 09:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362914 The Tribunal allowed the appeal and quashed the reassessment proceedings due to the invalidity of the approval granted under Section 151, which was deemed mechanical and lacking proper application of mind. The judgment highlighted the necessity of detailed and reasoned approvals in reassessment processes to uphold legal standards and principles of natural justice. Consequently, the penalty appeal was also allowed as the basis for the penalty ceased to exist following the quashing of the reassessment proceedings. Case-Laws Income Tax Tue, 03 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362914