Invalid Approval Sinks Reassessment -Wrong Authority, Wrong Notice: ITAT Deletes Additions

Star Ceramics Vs ITO (ITAT Bangalore) Invalid Approval Sinks Reassessment -Wrong Authority, Wrong Notice – Tribunal Deletes ₹62 Lakh Additions in Reopening Case Bangalore Tribunal in has quashed the reassessment order & deleted additions of over ₹62 lakh, holding that reopening of assessment was bad in law due to lack of valid sanction u/s 151. Assessee, a partnership firm engaged in ceramic tiles & allied trade, had filed return of income on presumptive basis u/s 44AD declaring income of ₹1,45,090. Based on a search on Mehta Finance, AO alleged that Assessee had taken an accom...