Reassessment proceedings initiated beyond 3 years sans sanction from authorized authority u/s 151(ii) rendered invalid.

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....Reassessment proceedings u/s 148 were sought to be undertaken more than three years after the end of the relevant Assessment Year. Sanction was required to be granted u/s 151(ii) of the Act since the period exceeded three years. However, the sanction was granted by the Principal Commissioner of Income-tax-3, who was not the specified authority empowered u/s 151(ii). Section 151 contains an inherent check and balance, requiring application of mind by more senior authorities when reopening is initiated after a longer period. Since the sanction was not granted by the authority having jurisdiction u/s 151(ii), the High Court disposed of the petition on this ground without expressing any opinion on other facets of law and issues raised.....