ITAT Mumbai Quashes ₹2.23 Cr Addition for Lack of Reassessment Approval

Anil Jaggi Vs ACIT (ITAT Mumbai) In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Mumbai has invalidated a reassessment order imposing an addition of ₹2.23 crore as unexplained investments on Anil Jaggi. The Tribunal found that the tax authorities failed to obtain the mandatory approval from the appropriate higher authority before reopening an assessment that had already been completed under Section 143(3) of the Income Tax Act, 1961, and was being reopened after a period of four years. Case Background Anil Jaggi, the assessee, originally filed his income tax return for the ...