Section 148 Notice Quashed for Lack of Section 151(ii) Approval: Hyderabad ITAT

Advertisement ITO Vs Smark Securities Limited (ITAT Hyderabad) Hyderabad ITAT Quashes Reassessment: Section 148 Notice Invalid Without Approval of Competent Authority Under Section 151(ii) The ITAT Hyderabad dismissed the Revenue’s appeal and allowed the assessee’s cross-objection to the extent of quashing the reassessment framed under Sections 147 read with 144B for AY 2018-19. The Tribunal held that the notice under Section 148 dated 28.04.2022, issued after more than three years from the end of the relevant assessment year, required prior approval from the authority specified under S...