https://www.taxtmi.com/caselaws?id=774829 Reassessment under Section 148 could not be sustained where the mandatory prior approval required for initiation was not produced or duly verified, because compliance with that prerequisite went to the root of the proceedings. The assessing authority also had to consider the taxpayer's objection that borrowing expenditure could remain allowable even if the related interest income was assessed as income from other sources. As the authority had not examined that material contention before completing reassessment, the impugned reassessment orders were quashed and the matter was remanded for reconsideration of the objections and additional objections. en-us Tue, 03 Jun 2025 00:00:00 +0530 Mon, 23 Mar 2026 13:20:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774829 Reassessment under Section 148 could not be sustained where the mandatory prior approval required for initiation was not produced or duly verified, because compliance with that prerequisite went to the root of the proceedings. The assessing authority also had to consider the taxpayer's objection that borrowing expenditure could remain allowable even if the related interest income was assessed as income from other sources. As the authority had not examined that material contention before completing reassessment, the impugned reassessment orders were quashed and the matter was remanded for reconsideration of the objections and additional objections. Case-Laws Income Tax Tue, 03 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774829