PCCIT Approval Without Application of Mind Invalidates Section 148A(d) Order: Delhi HC

SBC Minerals Pvt. Ltd. Vs ACIT (Delhi High Court) Delhi High Court held that failure of PCCIT to satisfactorily record its concurrence and granting of approval for reopening of assessment without application of mind invalidates the order issued u/s. 148A(d) of the Income Tax Act. Facts- On 16.11.2018, notice u/s. 142(1) of the Income Tax Act, 1961 was issued during scrutiny assessment, seeking details and inputs of loan transaction (s). On 04.12.2018, petitioner submitted its response duly furnishing all the details including confirmation of unsecured loans. On 22.02.2023, the impugned Show Ca...