Summary
- The ITAT Delhi has quashed the reassessment proceedings for Samunder Saree Centre for AY 2017-18, citing invalid approval under Section 151 of the Income-tax Act, 1961.
- The Tribunal found that the approval was obtained from the Principal Commissioner of Income Tax (PCIT) instead of the required Principal Chief Commissioner of Income Tax (PCCIT).
- This decision follows binding precedents from the Delhi High Court, emphasizing that reassessment beyond three years cannot proceed without proper sanction.
- The ruling leaves open other grounds raised by the assessee, potentially impacting future reassessment cases.
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