Delhi HC Upholds Reopening Based on ‘Yes, I Am Convinced’ Approval

PCIT Vs Agroha Fincap Ltd. (Delhi High Court) Delhi HC Upholds Reopening Based on ‘Yes, I Am Convinced’ Approval – Brief Satisfaction Note Held Valid u/s 151- ITAT Erred in Calling Approval Mechanical – Reopening Not Invalid for Brevity – Delhi HC Clarifies Standard for Section 151 Sanction In this case, the Delhi High Court examined whether an approval recorded as “Yes, I am convinced it is a fit case for reopening of assessment u/s 147 by issuing notice u/s 148” satisfies the requirement of valid sanction u/s 151. The Respondent, M/s Agroha Fincap Ltd., incorporated in 1995, ha...