ITAT Delhi Quashes Income Tax Reassessment for Mechanical Approval

Anil Kumar Jain Vs DCIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT) Delhi ruled in Anil Kumar Jain vs. DCIT that reassessment proceedings initiated under Section 147 of the Income-tax Act were invalid due to a lack of proper approval under Section 151. The case arose from a search and seizure operation on related parties, leading the Assessing Officer to reopen the assessment. However, the approval from the Additional CIT for reassessment merely stated satisfaction without an independent application of mind. Citing previous rulings, including CIT vs. S. Goyenka Lime and Chemicals Ltd...