https://www.taxtmi.com/caselaws?id=460840 The ITAT Jaipur allowed the assessee's appeal, quashing reassessment proceedings due to invalid approval under Section 151. The Pr. CIT failed to apply his mind to the reasons recorded by lower authorities, merely writing "Yes" on the forwarded reasons without recording proper satisfaction. Following N.C. Cables Ltd. precedent, the tribunal held that competent authority must form an opinion and record satisfaction, not just append formal approval. The approval was deemed ritualistic rather than meaningful, violating the statutory safeguard requiring higher officer authorization. en-us Wed, 10 Apr 2024 00:00:00 +0530 Mon, 24 Feb 2025 18:57:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460840 The ITAT Jaipur allowed the assessee's appeal, quashing reassessment proceedings due to invalid approval under Section 151. The Pr. CIT failed to apply his mind to the reasons recorded by lower authorities, merely writing "Yes" on the forwarded reasons without recording proper satisfaction. Following N.C. Cables Ltd. precedent, the tribunal held that competent authority must form an opinion and record satisfaction, not just append formal approval. The approval was deemed ritualistic rather than meaningful, violating the statutory safeguard requiring higher officer authorization. Case-Laws Income Tax Wed, 10 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460840