Reassessment Invalid Because Approval Contained Only ‘Yes, I Am Satisfied’: ITAT Rajkot

Nilesh Ashanand Thacker Vs ITO (ITAT Rajkot) ITAT Rajkot Quashes Reassessment Because PCIT Granted Mechanical Approval Under Section 151; ITAT Says Borrowed Satisfaction Cannot Sustain Reopening of Assessment Under Section 147; Mechanical Sanction by PCIT Leads to Quashing of Reassessment Proceedings; Reopening Based Solely on AIR Information Fails Due to Lack of Proper Approval. The Income Tax Appellate Tribunal (ITAT), Rajkot Bench, allowed the appeal of the assessee for Assessment Year 2012-13 and quashed the reassessment proceedings initiated under Sections 147 and 148 of the Income Tax Ac...