https://www.taxtmi.com/caselaws?id=759939 The ITAT Delhi quashed reassessment proceedings initiated under Section 147 of the Income Tax Act. The AO's approval referenced non-existent Section 147(b), and the Additional CIT mechanically granted approval without proper application of mind or providing minimal reasons for satisfaction. The tribunal found the approval was perfunctory and routine, lacking judicial scrutiny standards. Additionally, the land transaction in question involved third parties, not the assessee. The tribunal held that jurisdictional defects were incurable under Section 292B, rendering the entire reassessment proceedings invalid. The assessee's appeal was allowed, establishing that approvals based on non-existent statutory provisions cannot sustain reassessment proceedings. en-us Wed, 09 Oct 2024 00:00:00 +0530 Fri, 11 Oct 2024 08:58:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759939 The ITAT Delhi quashed reassessment proceedings initiated under Section 147 of the Income Tax Act. The AO's approval referenced non-existent Section 147(b), and the Additional CIT mechanically granted approval without proper application of mind or providing minimal reasons for satisfaction. The tribunal found the approval was perfunctory and routine, lacking judicial scrutiny standards. Additionally, the land transaction in question involved third parties, not the assessee. The tribunal held that jurisdictional defects were incurable under Section 292B, rendering the entire reassessment proceedings invalid. The assessee's appeal was allowed, establishing that approvals based on non-existent statutory provisions cannot sustain reassessment proceedings. Case-Laws Income Tax Wed, 09 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759939