Granting statutory approval u/s. 153D without application of mind invalids entire search proceeding: ITAT Delhi

Mysore Finlease Pvt Ltd Vs ACIT (ITAT Delhi) ITAT Delhi held that statutory approval given by a quasi judicial authority (here, JCIT) without due application of mind as contemplated in section 153D of the Income Tax Act would be fatal to the entire search assessment proceedings. Facts- A search and seizure operation u/s 132 of the Act was carried out on various group companies. According to the investigation wing, these groups were found to be interconnected with each other and with some group of entry operators providing accommodation entries to beneficiaries in the form of share capital, sha...