https://www.taxtmi.com/caselaws?id=751464 ITAT Mumbai held that reopening of assessment was invalid and bad in law. The AO mechanically recorded reasons without verification or application of mind, incorrectly stating that assessee claimed huge amortization expenses on goodwill when no such claim was made. The AO recorded multiple wrong facts including incorrect statutory provisions and assessment completion status. PCIT's approval under section 151 was also based on these erroneous reasons. Following Bombay HC precedent in Sharvah Multitrade, the tribunal ruled that reassessment based on irrelevant facts and without proper application of mind cannot survive. Decision favored assessee. en-us Fri, 05 Apr 2024 00:00:00 +0530 Wed, 17 Apr 2024 08:29:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751464 ITAT Mumbai held that reopening of assessment was invalid and bad in law. The AO mechanically recorded reasons without verification or application of mind, incorrectly stating that assessee claimed huge amortization expenses on goodwill when no such claim was made. The AO recorded multiple wrong facts including incorrect statutory provisions and assessment completion status. PCIT's approval under section 151 was also based on these erroneous reasons. Following Bombay HC precedent in Sharvah Multitrade, the tribunal ruled that reassessment based on irrelevant facts and without proper application of mind cannot survive. Decision favored assessee. Case-Laws Income Tax Fri, 05 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751464