Validity of Satisfaction to reopen Assessment recorded with one word “Yes”

Kedar Cotton Industries Vs DCIT (ITAT Ahmedabad) It is observed that the approval to reopen the assessment in the present case and issue notice under Section 148 of the Act to the assessee was accorded by the learned Principal Commissioner of Income-tax by recording his satisfaction in one word ‘Yes‘ and even the learned DR has not disputed this position. He, however, has contended that the approval accorded by the learned Principal Commissioner of Income-tax cannot be read in isolation and the same has to be read with reasons recorded by the Assessing Officer for reopening the ass...