CIT’s Approval Cannot Replace JCIT Sanction: ITAT Delhi

Sportking India Ltd Vs JCIT (ITAT Delhi) Approval Defect Fatal- CIT’s Approval Cannot Replace JCIT Sanction -Strict Compliance of section 151 Mandatory -ITAT Delhi Deletes 14.75-Crore Reassessment Assessee filed return for AY 2006-07 declaring income of ₹35.13 lakh without offering MAT on book profits of ₹2.91 crore u/s 115JB. AO initially completed assessment u/s 143(3) on 23.12.2008. Subsequently, reassessment was initiated by issuing notice u/s 148 on 31.03.2011 & completed on 30.12.2011, determining income at ₹14.75 crore after making adjustments for earlier years’ depreciati...