Reassessment proceedings quashed as sanction granted u/s. 151 in a mechanical manner: Bombay HC

Saraswat Co-operative Bank Ltd. Vs ACIT (Bombay High Court) Bombay High Court held that entire process of according sanction under section 151 of the Income Tax Act for initiation of reassessment granted in a mechanical manner without application of mind is unjustified and hence reassessment proceedings quashed. Facts- This Writ Petition challenges the reassessment proposed to be undertaken by the Revenue, of the income tax return filed by the Petitioner-Bank for the Assessment Year 2015-16. The notice dated 30th March, 2021 initiating reassessment issued under Section 147 read with Section 14...