https://www.taxtmi.com/caselaws?id=768806 ITAT Mumbai held that approval under section 153D granted on the same day as draft assessment submission and final order was invalid due to lack of application of mind and haste. The approving authority granted similar approvals in 12 other cases on the same day without examining relevant documents or providing reasons. Regarding addition under section 56(2)(viia), the tribunal ruled that shares held as stock-in-trade for trading purposes cannot be subjected to this provision. Since the assessee treated shares as stock-in-trade in financial statements and authorities did not reject books of accounts, the addition was deleted. Assessee's appeal was allowed. en-us Thu, 03 Apr 2025 00:00:00 +0530 Fri, 11 Apr 2025 17:54:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768806 ITAT Mumbai held that approval under section 153D granted on the same day as draft assessment submission and final order was invalid due to lack of application of mind and haste. The approving authority granted similar approvals in 12 other cases on the same day without examining relevant documents or providing reasons. Regarding addition under section 56(2)(viia), the tribunal ruled that shares held as stock-in-trade for trading purposes cannot be subjected to this provision. Since the assessee treated shares as stock-in-trade in financial statements and authorities did not reject books of accounts, the addition was deleted. Assessee's appeal was allowed. Case-Laws Income Tax Thu, 03 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768806