https://www.taxtmi.com/caselaws?id=407034 The Tribunal quashed the reassessment proceedings initiated by the Assessing Officer under sections 147/148 of the Income Tax Act, citing lack of independent verification and reliance on incorrect information. The approval process under section 151 was deemed defective and mechanical, leading to the invalidation of the reassessment. The Tribunal also found procedural lapses in adjudicating objections against the reassessment initiation. Additionally, the additions under sections 68 and 69C were ruled unjustified due to lack of proper verification and evidence. The appeal by the assessee was allowed based on these grounds. en-us Mon, 19 Apr 2021 00:00:00 +0530 Thu, 29 Apr 2021 10:24:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407034 The Tribunal quashed the reassessment proceedings initiated by the Assessing Officer under sections 147/148 of the Income Tax Act, citing lack of independent verification and reliance on incorrect information. The approval process under section 151 was deemed defective and mechanical, leading to the invalidation of the reassessment. The Tribunal also found procedural lapses in adjudicating objections against the reassessment initiation. Additionally, the additions under sections 68 and 69C were ruled unjustified due to lack of proper verification and evidence. The appeal by the assessee was allowed based on these grounds. Case-Laws Income Tax Mon, 19 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407034