Reassessment Notice Beyond 3 Years Invalid Due to Lack of Proper Approval; ITAT Quashes Notice Favoring Assessee.

The Income Tax Appellate Tribunal (ITAT) invalidated a reassessment notice issued under Section 148 of the Income Tax Act for the assessment year 2017-18, as it was issued beyond the three-year limit without proper authorization. The required approval should have been obtained from the Principal Chief Commissioner or higher, but it was instead obtained from the Principal Commissioner, violating statutory requirements. Citing Supreme Court precedents, the ITAT ruled the notice was legally flawed, thus favoring the assessee. .....

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