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No Reassessment Without Prior Approval U/S 151(ii) for Cases Over ₹50 Lakh Beyond 3 Years:
Case Law Details
- Case Name
- Core Logistic Company Vs ACIT (Madras High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Madras High Court
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Core Logistic Company Vs ACIT (Madras High Court)
No reassessment as Department failed to obtain prior approval u/s 151(ii) for cases over Rs. 50 Lakh beyond Three Years: Madras High Court
Conclusion: Under section 151(ii), where the alleged escaped income was more than Rs. 50 lakh, and where more than three years have passed since the relevant assessment year require approval from a higher-level authority. Since this condition was not met in the present case, the reassessment notice was issued without jurisdiction.
Held: Assessee-company filed the writ petition challenging the validity of t...
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