Reassessment u/s. 148 based on cryptic reasons and mechanical approval quashed: ITAT Delhi

Natraj Products Vs ITO (ITAT Delhi) ITAT Delhi held that the issuance of notice u/s. 148 based on cryptic reasons combined with a mechanical approval of the Pr.CIT u/s. 151 of the Income Tax Act do not pass the test of judicial scrutiny. Thus, reassessment quashed. Facts- The assessee company filed return of income for the Assessment Year 2010-11 in question on 15.11.2010 declaring total income of Rs.1,42,060/-. The return filed was processed u/s. 143(1) of the Act on 16.04.2011. Thereafter, the case was reopened u/s. 147 of the Act after obtaining necessary sanction un/s. 151 of the Act from...