https://www.taxtmi.com/caselaws?id=282818 The Tribunal allowed the appeal due to the invalidity of reassessment proceedings initiated under sections 147/148. The approval under section 151 was found to be mechanical without proper application of mind, rendering the entire reassessment process flawed. Consequently, additions made for share capital received and unexplained expenditure were not addressed on their merits as the focus was on the lack of proper approval. The Tribunal emphasized the necessity for the approving authority to consider the matter diligently before granting approval, following established precedents from higher courts. en-us Mon, 29 Apr 2019 00:00:00 +0530 Mon, 26 Aug 2019 17:24:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282818 The Tribunal allowed the appeal due to the invalidity of reassessment proceedings initiated under sections 147/148. The approval under section 151 was found to be mechanical without proper application of mind, rendering the entire reassessment process flawed. Consequently, additions made for share capital received and unexplained expenditure were not addressed on their merits as the focus was on the lack of proper approval. The Tribunal emphasized the necessity for the approving authority to consider the matter diligently before granting approval, following established precedents from higher courts. Case-Laws Income Tax Mon, 29 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282818