Case Law Details
Uttarakhand Purv Kalyan Nigam Limited Vs ITO (ITAT Dehradun)
Introduction: The Uttarakhand Purv Kalyan Nigam Limited challenged reassessment proceedings without Section 151 approval before the Income Tax Appellate Tribunal (ITAT) in Dehradun. The ITAT’s ruling, dated 28.11.2023, emphasizes the mandatory nature of obtaining approval under Section 151 for reopening assessments.
Factual Background: The appeals arose from the Commissioner of Income Tax (Appeals)’s order against the Income Tax Officer’s reassessment for the Assessment Year 2011-12. The Assessee contested the denial of exemption under Section 10(26BBB) and raised multiple grounds.
Grounds of Appeal: The Assessee raised grounds challenging the CIT(A)’s decision on the nature of the corporation and its eligibility for exemptions. The main focus was on Section 10(26BBB) of the Income Tax Act, 1961.
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