https://www.taxtmi.com/caselaws?id=792901 Reassessment initiated after three years from the end of the assessment year was invalid where approval was obtained from the wrong specified authority, because valid sanction from the prescribed authority is mandatory for a reassessment notice; the proceedings were therefore quashed. An addition under section 69C for alleged bogus purchase and sale transactions was also deleted because the assessee produced purchase details, stock register and sales records, and the assessing authority made no independent enquiry or found any defect in the documents; reliance on investigation material alone was insufficient. Relief was granted to the assessee on both issues. en-us Fri, 15 May 2026 00:00:00 +0530 Fri, 05 Jun 2026 08:07:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792901 Reassessment initiated after three years from the end of the assessment year was invalid where approval was obtained from the wrong specified authority, because valid sanction from the prescribed authority is mandatory for a reassessment notice; the proceedings were therefore quashed. An addition under section 69C for alleged bogus purchase and sale transactions was also deleted because the assessee produced purchase details, stock register and sales records, and the assessing authority made no independent enquiry or found any defect in the documents; reliance on investigation material alone was insufficient. Relief was granted to the assessee on both issues. Case-Laws Income Tax Fri, 15 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792901