Madras HC Quashes Reassessment for Improper Sanction

Ramachandran Shivan Vs ITO (Madras High Court) The Madras High Court has delivered a significant ruling, quashing reassessment orders and notices issued to Ramachandran Shivan, an individual engaged in the pump and motor manufacturing business, for the assessment years 2016-2017 and 2017-2018. The court’s decision hinges on the critical finding that the necessary prior approval for initiating these proceedings was not obtained from the “specified authority” as mandated by the amended provisions of Section 151 of the Income Tax Act, 1961. The petitioner had initially faced not...