https://www.taxtmi.com/caselaws?id=447188 ITAT Kolkata quashed the reopening of assessment u/s 147, ruling that approval u/s 151 was granted mechanically without application of mind by Addl. CIT. The tribunal held that competent authority must examine the AO's proposal thoroughly before granting approval, as mechanical approval violates the Act's spirit of preventing casual unsettling of settled assessments. The addition u/s 68 regarding unexplained cash receipts was consequently invalidated. Decision favored the assessee, rendering the reopening void and invalid. en-us Thu, 30 Nov 2023 00:00:00 +0530 Tue, 19 Dec 2023 12:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447188 ITAT Kolkata quashed the reopening of assessment u/s 147, ruling that approval u/s 151 was granted mechanically without application of mind by Addl. CIT. The tribunal held that competent authority must examine the AO's proposal thoroughly before granting approval, as mechanical approval violates the Act's spirit of preventing casual unsettling of settled assessments. The addition u/s 68 regarding unexplained cash receipts was consequently invalidated. Decision favored the assessee, rendering the reopening void and invalid. Case-Laws Income Tax Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447188