https://www.taxtmi.com/caselaws?id=402493 The Tribunal quashed the re-assessment proceedings under Section 147/148 of the Income Tax Act, due to procedural flaws and lack of independent inquiry by the Assessing Officer (A.O.) and Senior Authorities. Consequently, all additions made under Sections 68 and 69C were deleted, as the initiation was based on a non-existent section, borrowed satisfaction, and mechanical application of mind. The Assessee's appeal was allowed, emphasizing the importance of proper assessment procedures and the need for substantive reasoning in tax matters. en-us Thu, 17 Dec 2020 00:00:00 +0530 Sat, 02 Jan 2021 20:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402493 The Tribunal quashed the re-assessment proceedings under Section 147/148 of the Income Tax Act, due to procedural flaws and lack of independent inquiry by the Assessing Officer (A.O.) and Senior Authorities. Consequently, all additions made under Sections 68 and 69C were deleted, as the initiation was based on a non-existent section, borrowed satisfaction, and mechanical application of mind. The Assessee's appeal was allowed, emphasizing the importance of proper assessment procedures and the need for substantive reasoning in tax matters. Case-Laws Income Tax Thu, 17 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402493