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Issues: Whether the notice issued under Section 148 of the Income-tax Act, 1961 for Assessment Year 2016-17 was invalid for want of sanction under the correct limb of Section 151 of the Income-tax Act, 1961.
Analysis: The notice dated 01/07/2022 related to Assessment Year 2016-17 and recorded prior approval of the Principal CIT-1, Nagpur under Section 151(i) of the Income-tax Act, 1961. For the relevant date and assessment year, the applicable approval provision was Section 151(ii) of the Income-tax Act, 1961. Since the correct statutory sanction was not obtained, the reassessment notice and the consequential proceedings could not be sustained.
Conclusion: The notice under Section 148 of the Income-tax Act, 1961 and all consequential were quashed and set aside, with the result being in favour of the assessee.
Ratio Decidendi: Where reassessment for the relevant assessment year requires approval under the applicable limb of Section 151 of the Income-tax Act, 1961, a sanction obtained under the wrong limb renders the notice under Section 148 of the Income-tax Act, 1961 invalid.
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