ITAT Delhi invalidates reassessment made without recording the requisite reasons

ACIT Vs Kamal Kapoor (ITAT Delhi) In a crucial judgment passed by Income Tax Appellate Tribunal (ITAT), Delhi, the approval of a reassessment order by Joint Commissioner of Income Tax (JCIT) was invalidated as it was made without recording the requisite reasons. ITAT order, brings to light the crucial need for due diligence, thorough examination and application of the mind by the assessing authorities before initiating any reassessment proceedings. The case primarily revolves around the interpretation of section 151 of the Income Tax Act. The appeal made by the revenue against the order of CIT...