Assessing Officer issued a notice under section 148 dated 4-4-2022 on the ground that assessee had made substantial cash deposits in its bank accounts, the assessment was made with addition as cash credits. CIT(A) also affirmed the order of the Assessing Officer. On appeal, the  Tribunal held that the Assessing Officer issued a reopening notice after obtaining approval from the Principal Commissioner. It was also noted that notice under section 148 was issued beyond a period of three years from the end of assessment year. The Tribunal held that the  Assessing Officer was statutorily obligated to have obtained approval from either of the authorities specified under section 151(ii) as per section 151, as amended by the Finance Act, 2021, effective from 1-4-2021.  Since the Assessing Officer had obtained approval from the Principal Commissioner, i.e., an authority who was not vested with any jurisdiction as per the mandate of section 151, the assessment so framed by him under section 147, being devoid of a valid assumption of jurisdiction, was  quashed. (AY. 2018-19)