Non-Application of Mind to Law and Facts: Bombay HC nullifies PCIT Sanction, Notice and Income Tax Reassessment Order [Read Order]

The court found that the PCIT had mechanically approved the reassessment notice without properly applying his mind to the material facts
By Manu Sharma - On September 6, 2024 11:34 am - 2 mins read
Income Tax - Income Tax Reassessment - Co-operative Banks - Reassessment Notice - TAXSCAN

In a recent ruling, the Bombay High Court quashed the reassessment proceedings initiated against The Saraswat Co-operative Bank Ltd.,for the non-application of mind to both facts and law by the Principal Commissioner of Income Tax ( PCIT ) in granting Sanction. The case challenged the issuance of a notice for reassessment under Section 147 of…

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