https://www.taxtmi.com/caselaws?id=384932 The Tribunal quashed the reassessment proceedings due to lack of independent application of mind by the Assessing Officer and inadequacy of reasons recorded for reopening. Consequently, additions made under Sections 68 and 69C were invalidated. The Tribunal emphasized the importance of proper reasoning and self-evident belief in income escapement. Mechanical approvals and reliance on unverified information were deemed insufficient for reassessment. The decision highlights the need for authorities to judiciously exercise their powers in accordance with legal precedents. en-us Wed, 21 Aug 2019 00:00:00 +0530 Tue, 27 Aug 2019 07:52:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384932 The Tribunal quashed the reassessment proceedings due to lack of independent application of mind by the Assessing Officer and inadequacy of reasons recorded for reopening. Consequently, additions made under Sections 68 and 69C were invalidated. The Tribunal emphasized the importance of proper reasoning and self-evident belief in income escapement. Mechanical approvals and reliance on unverified information were deemed insufficient for reassessment. The decision highlights the need for authorities to judiciously exercise their powers in accordance with legal precedents. Case-Laws Income Tax Wed, 21 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384932