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Reassessment held invalid as approval u/s. 151 granted in mechanical manner
Case Law Details
- Case Name
- ACE Tyres (P) Ltd Vs ACIT (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Hyderabad
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ACE Tyres (P) Ltd Vs ACIT (ITAT Hyderabad)
ITAT Hyderabad held that reopening of assessment is invalid in as much as the approval/ sanction under section 151 of the Income Tax Act is granted in a mechanical manner. Further, reasons for reopening are based on on-application of mind and borrowed satisfaction. Accordingly, reopening quashed and appeal allowed.
Facts- The assessee company is part of Exel group, was subjected to search & seizure action on 04.01.2023. Simultaneous search proceedings were also conducted in the residential premises of Sri Sanaka Ramesh Kumar, Sr. Accounts Manager...
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