ITAT Quashes Reassessment as Section 151 Approval Was Not Obtained from Competent Authority

ITO Vs Rajaram Ramswarup Jaju (ITAT Pune) The Revenue filed an appeal before the Income Tax Appellate Tribunal (ITAT), Pune, against the order of the Commissioner of Income Tax (Appeals) [NFAC] for Assessment Year (AY) 2016-17. The assessee also filed a cross objection. The assessee was engaged in the business of extracting cotton seed wash oil and trading edible oil, oil cake, cotton seed, wheat, jowar, soybean, tur, chana and other commodities through its proprietorship concern, M/s Jaju Industries. It had filed its return declaring total income of ₹13,77,900. The assessment was reopened a...