https://www.taxtmi.com/caselaws?id=755914 ITAT Delhi quashed assessment order for erroneous approval under section 153D regarding seized jewellery treated as unexplained investment. The court held that approval authority must apply due diligence and not grant mechanical approval, as this defeats the statutory protection purpose. Citing SC precedent in Serajuddin case, the tribunal found the approval lacked legitimacy due to inadequate scrutiny of seized documents. The assessment order was deemed nullity and set aside, with CIT(A) order also overturned in favor of assessee. en-us Wed, 10 Jul 2024 00:00:00 +0530 Tue, 23 Jul 2024 08:50:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755914 ITAT Delhi quashed assessment order for erroneous approval under section 153D regarding seized jewellery treated as unexplained investment. The court held that approval authority must apply due diligence and not grant mechanical approval, as this defeats the statutory protection purpose. Citing SC precedent in Serajuddin case, the tribunal found the approval lacked legitimacy due to inadequate scrutiny of seized documents. The assessment order was deemed nullity and set aside, with CIT(A) order also overturned in favor of assessee. Case-Laws Income Tax Wed, 10 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755914