TaxTMI 
TaxTMI 
2024 (8) TMI 110
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.... for the A.Y. 2007-08 was filed on 17.10.2007 declaring Nil income. Against the said return of income, the assessment was completed by the ITO, Ward-11(3), Pune vide order dated 30.12.2009 passed u/s. 143(3) of the Income-tax Act, 1961 (hereinafter also called 'the Act') accepting the returned income. 3. Subsequently, on receipt of the information based on the information obtained from search operations conducted in the premises of one Mr. Pravin Kumar Jain Group that the appellant company is a beneficiary of the accommodation entries provided by said Mr. Pravin Kumar Jain Group, the Assessing Officer (AO) formed an opinion that income escaped assessment to tax. Accordingly, a notice u/s. 148 was issued to the appellant company on 28.03.20....
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....Commissioner as the case may be is satisfied on the reasons recorded by the AO, that is a fit case for issue of notice u/s. 148 whereas in the present case, approval of Joint Commissioner of Income-tax was only obtained. The said contention of the appellant was rejected by the ld. CIT(A)/NFAC by holding that such defect is curable and the assessment cannot be held to be invalid, placing reliance on the provisions of section 292B of the Act. On merits also, the addition was confirmed by the ld.CIT(A)/NFAC placing reliance on the decision of Hon'ble Supreme Court in the case of Pr.CIT vs. NRA Iron & Steel Pvt. Ltd. 6. Being aggrieved, the appellant company is in appeal before the Tribunal in the present appeal. 7. The ld. Authorised Represe....
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..... The provisions of section 151 mandates that prior sanction of Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner is required to be obtained for issuance of notice u/s. 148 if the period of four years had elapsed from the end of the relevant assessment year. In the present case, the notice u/s. 148 of the Act was issued on 28.03.2014 and the relevant A.Y. is 2007-08. Thus, there is no dispute that period of more than four years had elapsed from the end of the relevant assessment year and the approval is required to be obtained only from the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner, as the case may be, whereas the sanction was obtained from the Joi....