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TMI Blog2023 (7) TMI 852X X X X Extracts X X X X X X X X Extracts X X X X ..... made on account of Share application mony and share capital." 2. "The Ld. CIT(A) has failed to take notice of the reason recorded wherein the then AO had mentioned amount of Rs. 4,43,84,8441- and while framing of reason, the AO had mentioned escapement of income at least of Rs. 1,00,000/- which has broader prospective. 3. "The Ld. CIT(A) has failed to appreciate that "Approved" connotes that competent authority has read and understood fully the proposal proposed by AO and he is satisfied that the case is fir for reopening us 148 of the I.T. Act." 4. "The Ld. CIT(A) has failed to appreciate the bogus nature of transactions as the assessee company did not provide relevant documents before A to establish the genuineness of the transacti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... petent authority has read and understood fully the proposal proposed by AO and he is satisfied that the case is fir for reopening us 148 of the I.T. Act and the ld. First appellate authority has also failed to appreciate the bogus nature of transactions as the assessee company did not provide relevant documents before AO to establish the genuineness of the transactions so undertaken. Therefore the ld. Senior DR finally submitted that the ld. CIT(A) has granted relief to the assessee on legal grounds, without any valid basis therefore first appellate order may kindly be set aside by restoring that of the Assessing Officer. 5. On the other hand the ld. AR drawing our attention towards paras 4 to 4.7 of first appellate order submitted that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt with the conclusion drawn by the ld. CIT(A) that the superior authorities have merely given their approval in a mechanical manner without independent application of mind, therefore, respectfully following the decision of the Apex Court & Jurisdictional High Court in the case of N C Cables (supra), we hold that the reassessment proceedings are bad in law. Accordingly, the same was rightly quashed by the ld. CIT(A). We are unable to see any valid reason to interfere with the findings of ld. CIT(A) on this legal ground. Therefore ground no. 2 & 3 of revenue are dismissed. 7. Since in the earlier part of this order we have approved the first appellate order quashing the reassessment proceedings and impugned reassessment order for want of va ..... X X X X Extracts X X X X X X X X Extracts X X X X
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