Section 148 Notice Invalid Without Section 151(2) Sanction from prescribed authority

ITO Vs Nikhil Vinod Aggarwal (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT), Mumbai Bench, in the case of ITO vs. Nikhil Vinod Aggarwal, for the assessment year 2007-08, has dismissed the Revenue’s appeal and allowed the assessee’s cross-objection. The tribunal’s decision, pronounced on October 13, 2017, hinged on two key aspects: the procedural invalidity of the assessment reopening and the lack of conclusive evidence to support an “on-money” payment allegation. Background of the Case Nikhil Vinod Aggarwal, the assessee, filed his income tax return for the as...