ITAT Mumbai quashes reassessment for sanction by wrong authority

Davos International Fund Vs ACIT (ITAT Mumbai) Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has quashed reassessment proceedings initiated against Davos International Fund, a Mauritius-based Foreign Portfolio Investor (FPI), for AY 2018-19. The Tribunal held that the reassessment notice under section 148 of the Income Tax Act, 1961 was issued without obtaining sanction from the correct “specified authority” as mandated under section 151, thereby rendering the proceedings invalid in law. Background Davos International Fund, incorporated in Mauritius and registered with SEBI as a...