Case Law Analysis
|Income Tax Appellate Tribunal
Section 151(ii) IT Act | Incorrect Approval Authority Voids Reassessment Beyond 3 Years : ITAT Mumbai Quashes Proceedings
ITAT Mumbai ruled that reassessment proceedings initiated beyond three years from the relevant assessment year are invalid if approved by an incorrect authority under Section 151(ii) of the Income Tax Act. The tribunal held that only the 'specified authority' as amended in 2021 could grant approval, rendering the notice and subsequent proceedings null and void. This decision reinforces jurisdictional compliance in tax reassessment cases, impacting taxpayers and revenue authorities alike.