The AO had initiated reassessment proceedings based on a search / survey operation and made addition u/s 68 in respect of share capital. On appeal, the CIT (A) deleted the addition.Aggrieved, the Department was in appeal before the Tribunal. The assessee had simultaneously filed cross objections against the validity of the reassessment proceedings as the notice u/s 148 was issued prior to approval of the concerned. The Tribunal noted that the approval of the CIT was obtained after issuing notice u/s 148 and accordingly the mandatory conditions of section 148 were violated. Thus, the Tribunal held the reassessment to be void ab initio and bad in law.(AY. 2007-08)