https://www.taxtmi.com/caselaws?id=772448 ITAT Pune allowed the assessee's appeal, quashing reassessment proceedings under section 147. The court held that reopening assessment after three years requires sanction from Principal Chief Commissioner or equivalent authority, but approval was given by Joint Commissioner/Additional Commissioner who lacked competence. Additionally, the tribunal deleted additions for unexplained investment in immovable property, finding the assessee was merely a power of attorney holder for actual purchasers who were clearly identified in sale deeds with their PANs, and properties were reflected in purchasers' balance sheets. en-us Mon, 26 May 2025 00:00:00 +0530 Mon, 09 Jun 2025 07:29:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772448 ITAT Pune allowed the assessee's appeal, quashing reassessment proceedings under section 147. The court held that reopening assessment after three years requires sanction from Principal Chief Commissioner or equivalent authority, but approval was given by Joint Commissioner/Additional Commissioner who lacked competence. Additionally, the tribunal deleted additions for unexplained investment in immovable property, finding the assessee was merely a power of attorney holder for actual purchasers who were clearly identified in sale deeds with their PANs, and properties were reflected in purchasers' balance sheets. Case-Laws Income Tax Mon, 26 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772448