https://www.taxtmi.com/caselaws?id=791274 Reassessment initiated beyond the relevant three-year period required sanction from the higher authority prescribed by the statutory scheme; approval by the Principal Commissioner did not satisfy that precondition, so the reopening lacked valid jurisdiction and the reassessment was quashed. The penalty based solely on the quantum addition could not stand once the underlying assessment was set aside, because no independent basis remained for its continuance. The result was that both the reassessment and the consequential penalty were deleted in favour of the assessee. en-us Wed, 06 May 2026 00:00:00 +0530 Fri, 08 May 2026 07:30:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791274 Reassessment initiated beyond the relevant three-year period required sanction from the higher authority prescribed by the statutory scheme; approval by the Principal Commissioner did not satisfy that precondition, so the reopening lacked valid jurisdiction and the reassessment was quashed. The penalty based solely on the quantum addition could not stand once the underlying assessment was set aside, because no independent basis remained for its continuance. The result was that both the reassessment and the consequential penalty were deleted in favour of the assessee. Case-Laws Income Tax Wed, 06 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791274