Defective Section 151(2) sanction & non-disposal of objections: ITAT quashes Reassessment in on money Case

ITO Vs Vinod Aggarwal (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT), Mumbai Bench, in a recent decision, dismissed the appeal filed by the Income Tax Officer (ITO) and allowed the cross-objection of the assessee, Mr. Vinod Aggarwal. The Tribunal’s ruling centered on the invalidity of reassessment proceedings initiated under Section 147 of the Income Tax Act, 1961, citing a critical procedural flaw in obtaining sanction and a denial of natural justice during the assessment process. The judgment also independently found in favor of the assessee on the merits of the addition made. Back...