Reassessment Quashed for Lack of Proper Sanction Under Section 151

Gigantic Mercantile Pvt. Limited Vs ACIT (Bombay High Court) The Bombay High Court in Gigantic Mercantile Pvt. Ltd. vs. ACIT examined the legality of reassessment proceedings initiated under Section 148 of the Income-tax Act, 1961 for the Assessment Year (AY) 2016–17. The petitioner challenged the reassessment on several grounds, including the validity of the notice issued under Section 148A(b), the order passed under Section 148A(d), and the consequential notice under Section 148. The petitioner also disputed the sanction granted under Section 151 for the reopening of the assessment. The r...