https://www.taxtmi.com/caselaws?id=773751 The Tribunal quashed reassessment proceedings initiated under section 147 read with section 144B of the Income Tax Act, 1961, finding them without jurisdiction. The reassessment notices issued on 28.07.2022 for AY 2016-17 and 2017-18 were beyond the three-year period, requiring approval from authorities specified under amended section 151 post Finance Act, 2021. However, approval was obtained from Principal Commissioner who lacked competency under the amended provisions. The Tribunal distinguished the Revenue's reliance on SC's Rajeev Bansal decision, emphasizing strict compliance with procedural safeguards. The reassessment notices issued after 01.04.2021 without proper approval from competent authorities were held invalid, rendering the entire proceedings bad in law. en-us Wed, 25 Jun 2025 00:00:00 +0530 Fri, 27 Jun 2025 08:37:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773751 The Tribunal quashed reassessment proceedings initiated under section 147 read with section 144B of the Income Tax Act, 1961, finding them without jurisdiction. The reassessment notices issued on 28.07.2022 for AY 2016-17 and 2017-18 were beyond the three-year period, requiring approval from authorities specified under amended section 151 post Finance Act, 2021. However, approval was obtained from Principal Commissioner who lacked competency under the amended provisions. The Tribunal distinguished the Revenue's reliance on SC's Rajeev Bansal decision, emphasizing strict compliance with procedural safeguards. The reassessment notices issued after 01.04.2021 without proper approval from competent authorities were held invalid, rendering the entire proceedings bad in law. Case-Laws Income Tax Wed, 25 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773751