No Reassessment Without Prior Approval U/S 151(ii) for Cases Over ₹50 Lakh Beyond 3 Years:

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...