Assessee-company filed its return of income which was accepted. \u00a0Assessing Officer issued a reopening notice upon assessee alleging that assessee had taken accommodation entry of fictitious purchases of shares from a company.\u00a0 On writ\u00a0 the court held that the notice \u00a0was not issued with prior approval of Principal Chief Commissioner or any other authority specified under section 151(ii) which was a mandatory requirement for issuance of notice under section 148 beyond period of three years from end of relevant assessment year.\u00a0 Notice was quashed and\u00a0 set aside. (AY. 2016-17)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 151 : Reassessment-Sanction for issue of notice-Beyond three years-Notice was not issued with prior approval of Principal Chief Commissioner or any other authority specified under section 151(ii) which was a mandatory requirement-Notice was quashed and set aside. [S. 148, 148A(b) 148A(d), 151(1), 151(ii), Art. 226] <\/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-59322","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fqO","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59322","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=59322"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59322\/revisions"}],"predecessor-version":[{"id":59323,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59322\/revisions\/59323"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=59322"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=59322"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=59322"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}