Assessing Officer issued notice under section 148 on 24-7-2023 on basis of information received from DIT (I&CI) that there was an escapement of income to tune of Rs. 43.32 lakhs under section 56(2)(vii)(b).  Final assessment order was passed under section 147 read with section 144C (13) making an addition of Rs. 43.32 lakhs under section 56(2)(vii)(b). Tribunal held that  period of three years had elapsed from end of relevant assessment year and order dated 23-5-2022 was passed under section 148A(d) after obtaining approval of Principal Commissioner.  Amount alleged to have escaped assessment was only Rs. 43.32 lakhs, i.e. less than Rs.50 lakh. Tribunal  held that  since notice was obtained in contravention of provisions of section 151 as sanction was not obtained from concerned Specified Authority but was also time barred as per provisions of section 149, same being void ab initio. Reassessment and final assessment order is quashed. (AY. 2017-18)