Reassessment held invalid as approval u/s. 151 granted in mechanical manner

ACE Tyres (P) Ltd Vs ACIT (ITAT Hyderabad) ITAT Hyderabad held that reopening of assessment is invalid in as much as the approval/ sanction under section 151 of the Income Tax Act is granted in a mechanical manner. Further, reasons for reopening are based on on-application of mind and borrowed satisfaction. Accordingly, reopening quashed and appeal allowed. Facts- The assessee company is part of Exel group, was subjected to search & seizure action on 04.01.2023. Simultaneous search proceedings were also conducted in the residential premises of Sri Sanaka Ramesh Kumar, Sr. Accounts Manager...