https://www.taxtmi.com/caselaws?id=463274 ITAT JAIPUR - AT held that reopening under section 147 was invalid where the assessing officer, though issuing the notice within the extended TOLA period, obtained sanction from the Principal Commissioner instead of the statutorily required Principal Chief Commissioner. For want of proper sanction, the reassessment proceeding lacked jurisdiction and was quashed. Addition under section 68 for alleged bogus LTCG and denial of exemption under section 10(38) therefore failed; the appeal by the assessee was allowed. en-us Mon, 24 Mar 2025 00:00:00 +0530 Wed, 20 Aug 2025 20:55:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463274 ITAT JAIPUR - AT held that reopening under section 147 was invalid where the assessing officer, though issuing the notice within the extended TOLA period, obtained sanction from the Principal Commissioner instead of the statutorily required Principal Chief Commissioner. For want of proper sanction, the reassessment proceeding lacked jurisdiction and was quashed. Addition under section 68 for alleged bogus LTCG and denial of exemption under section 10(38) therefore failed; the appeal by the assessee was allowed. Case-Laws Income Tax Mon, 24 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463274