ITAT Quashes IT Assessment for Reopening Beyond 3 Years Without Sec. 151 Approval

DCIT Vs Sunil Harischandra Keni (ITAT Mumbai) In the case of DCIT Vs. Sunil Harischandra Keni, the Income Tax Appellate Tribunal (ITAT) in Mumbai addressed the validity of an assessment made for the assessment year 2017-18, ultimately quashing it due to a lack of proper approval under Section 151 of the Income Tax Act. The Revenue had originally reopened the assessment based on the assumption that the taxpayer had understated income by not declaring a substantial difference between the purchase price of a property and its stamp duty value. The assessment was reopened after obtaining approval f...