The Assessing Officer framed the assessment under Section 147 read with Section 144B of the Act, making an addition of Rs. 20,42,000 under Section 56(2)(vii)(b). The assessee challenged the order before the CIT(A) on legal grounds and on merits, which was \u00a0\u00a0dismissed . On appeal the ITAT held that \u00a0the approval for issuing notice under Section 148 was required to be obtained from the Principal Chief Commissioner (Pr. CCIT) as per Section 151(ii) since the notice was issued after three years from the end of the relevant assessment year. However, the AO obtained approval from the Principal Commissioner (Pr. CIT-2), which was invalid. The ITAT quashed the reassessment order for lack of valid approval. The Tribunal emphasized that procedural compliance under Section 151(ii) is mandatory, and failure to obtain approval from the appropriate authority renders the reassessment order void. Accordingly, the appeal was allowed, . Relied on \u00a0UOI v.Rajiv Bansal (2024) 167 taxmann.com 70\/2024) 340 CTR 865 \/ \u00a0242 DTR\u00a0 297 \/ 301 Taxman\u00a0 238 \/ 167 \/469 ITR 46 \u00a0(SC), ACIT-19(1) v. Manish Financials, ITA No. 5050 & 5055\/Mum\/2024, decided on 2\/12\/2024. (ITA No. 3224\/Mum\/2024) dt.27 -1 -2025 )( AY. 2017 -18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 151 : Reassessment – Sanction for issue of notice \u2013 Notice issued after three years from the end of the relevant assessment year – Principal Chief Commissioner \u2013 Approval obtained from Principal Commissioner instead of Principal Chief Commissioner \u2013 Reassessment notice and consequential order is quashed and set aside . [S. 56(2)(vii)(b), 144B, 147, 148 ,151(ii) ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-50680","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dbq","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50680","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=50680"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50680\/revisions"}],"predecessor-version":[{"id":50681,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50680\/revisions\/50681"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=50680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=50680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=50680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}