ITAT Rules 148 Notice Void Due to Wrong Authority’s Approval in Reopening After 4 Years

DCIT Vs Swati Menthol & Allied Chemicals Ltd. (ITAT Delhi) Reopening After 4 Years Invalid Without PCIT Sanction: ITAT Delhi Quashes 148 Notice Against Swati Menthol & Dismisses Revenue Appeal Assessee, Swati Menthol & Allied Chemicals Ltd., engaged in manufacturing & sale of menthol products, originally filed return for AY 2015-16 declaring income of ₹9.76 crore (normal) & ₹17.04 crore (MAT). Assessment was reopened on 30.03.2021 based on I&CI Wing’s input regarding share capital & share premium of ₹3.01 crore received during the year. Notice u/s 148 was is...