Time-barred reassessment notice u/s 148 held invalid; wrong sanctioning authority, defect not curable u/s 292BB

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....ITAT allowed the assessee's appeal and quashed the reassessment proceedings. It held that for AY 2013-14, the statutory time limit for issuing notice u/s 148 expired on 31.03.2020, whereas the AO issued notice on 16.04.2021, rendering it time-barred and invalid. Further, sanction for issuance of notice was obtained from the PCIT instead of the competent authority, the PCCIT, vitiating the proceedings. The Tribunal held that such foundational defects in jurisdiction and sanction are not curable u/s 292BB, and consequently the reassessment was invalid.....