Reassessment Quashed for Want of Proper Approval Under Section 151

Galax Minerals Pvt Ltd Vs ITO (ITAT Delhi) Reassessment Quashed for Invalid Approval under Section 151; PCIT Approval Held Incompetent Post-2021 Regime The Delhi Bench of the ITAT allowed the appeal of Galax Minerals (P) Ltd. for AY 2017-18 and quashed the reassessment proceedings in entirety on the ground of invalid statutory approval under section 151. The Tribunal noted that the notice under section 148 (preceded by order under section 148A(d)) was issued after three years from the end of the relevant assessment year, thereby attracting the new reassessment regime introduced by the Finance ...