ITAT Mumbai Quashes Reassessment Notice for Sanction by wrong authority

ACIT Vs Surya Ferrous Alloys Pvt. Ltd. (ITAT Mumbai) The ITAT Mumbai in the case of ACIT Vs Surya Ferrous Alloys Pvt. Ltd. dismissed the Revenue’s appeal and allowed the assessee’s cross-objection, effectively quashing the reassessment proceedings for the Assessment Year (AY) 2017-18. The Tribunal’s decision was based on a fundamental legal issue concerning the validity of the notice issued under Section 148 of the Income-tax Act. The assessee argued that the notice was invalid because the mandatory prior approval for its issuance was not obtained from the correct statutory autho...