Approval granted under section 153D on ‘presumption’ basis is invalid

Akshata Realtors Pvt. Ltd. Vs ACIT (ITAT Raipur) ITAT held that the Approval granted by the JCIT, Range Central, Raipur under section 153D on ‘presumption’ basis without thoroughly going through the seized material, assessment records etc. as perfunctory, without application of mind, mechanical in nature hence, invalid, bad in law and liable to be quashed. Consequentially, the entire Search Assessment Order passed u/s.153A r.w.s. 143(3) quashed as not sustainable when the Approval u/s.153D is held to be invalid and bad in law. The ITAT Raipur Bench deliberates upon a host of judici...