https://www.taxtmi.com/caselaws?id=424698 The Tribunal quashed the reassessment proceedings due to incorrect facts, lack of jurisdiction by the Assessing Officer (AO), and mechanical approval by the Principal Commissioner of Income Tax (PCIT). The reassessment was deemed void ab initio as it was initiated and completed by an AO without jurisdiction over the assessee. Additionally, the Tribunal found a lack of independent application of mind by the AO, errors in the reasons recorded for reopening the assessment, and unjustified additions made under Section 68 of the Income Tax Act. The appeal of the assessee was allowed. en-us Fri, 08 Apr 2022 00:00:00 +0530 Tue, 05 Jul 2022 14:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424698 The Tribunal quashed the reassessment proceedings due to incorrect facts, lack of jurisdiction by the Assessing Officer (AO), and mechanical approval by the Principal Commissioner of Income Tax (PCIT). The reassessment was deemed void ab initio as it was initiated and completed by an AO without jurisdiction over the assessee. Additionally, the Tribunal found a lack of independent application of mind by the AO, errors in the reasons recorded for reopening the assessment, and unjustified additions made under Section 68 of the Income Tax Act. The appeal of the assessee was allowed. Case-Laws Income Tax Fri, 08 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424698