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TMI Blog2023 (5) TMI 1222X X X X Extracts X X X X X X X X Extracts X X X X ..... e condition and procedure prescribed under the statute have not been satisfied and complied with. 4. (i) On the fact and circumstances of the case, the order passed by the A.O. is bad in the eye of law and on facts, as the same is made on the basis of reasons recorded without there being any independent application of mind. (ii) That the reassessment order passed by the A. O. is bad and liable to be quashed as the same has been reopened on the basis of the reasons which are vague and against the facts on record. 5. On the fact and circumstances of the case, Ld. AO has erred in reopening us 147 of the income tax Act, 1961 without obtaining valid approval from the prescribed authority as required u/s 151 of the Income Tax Act, 1961. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e material the approval has to be held as invalid and not in confirmatory with the mandatory requirement of section 151 of the Act. Hence he prayed that the notice u/s. 148 of the Act and also consequent proceedings and order including reassessment order may kindly be quashed. 4. The learned counsel drawing our attention towards copy of the reasons recorded available at pages 6 & 7 of first appellate submitted that the Assessing Officer proceeded to initiate reassessment proceedings and issue notice u/s. 148 of the Act, on the pretext that the return of income for AY 2010-11 does not exist in the ward whereas the assessee at very first instance filing objection to the initiation of reassessment proceedings vide dated 28.04.2017 in the midd ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble jurisdictional High Court of Delhi in the case of CIT vs Independent Media P. Ltd. in ITA no. 108/2015 dated 19.11.2015 and order of ITAT Delhi in the case of Pioneer Town Planners P. Ltd. vs. CIT reported as 2018 (8) TMI 515- ITAT Delhi. 5. The learned DR supported the orders of the authorities below and action of the Assessing Officer initiating reassessment proceedings and issuing notice u/s. 148 of the Act submitted that there was a report of Investigation Wing before the Assessing Officer and Assessing Officer rightly proceeded to initiate reassessment proceedings on behalf thereof after assuming valid jurisdiction to initiate said proceedings. Further, replying to the second part of legal contention of ld. AR pertaining to approv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on and only on the basis of borrowed satisfaction as there was no independent application of mind by the AO to the tangible material received from Investigation Wing which could form the valid basis and reason to believe that income has escaped assessment even in the reasons the has not mentioned the actual character or mode of transaction as to whether the entries were of unsecured loan, advanced or share application money which again fortifies the contention of the AR that the Assessing Officer proceeded to initiate reassessment proceedings merely on the basis of report of Investigation Wing which is driven by borrowed satisfaction and the operative para at page 2 of satisfaction clearly shows that there was gross non application of mind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... even at the time of initiating the reassessment proceedings the Assessing Officer himself was not sure about the mode of accommodation entry/allege transactions therefore reason to believe had no legs to stand. Therefore ground no. 3 & 4 of assessee deserve to be allowed. 9. Regarding legal contention in ground no. 5 of assessee, on careful consideration of above rival contention first of all, from page no. 2 of assessee paper book it is clearly discernable that the Assessing Officer has taken approval of JCIT Range-38 New Delhi prior to issuing notice u/s. 148 of the Act. Hence contention of the ld. AR that the approval has not been obtained has no legs to stand. However from the said page 2 it is discernable that the approving authority ..... X X X X Extracts X X X X X X X X Extracts X X X X
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