Re-assessment Quashed as Notice Issued by PCIT instead of Principal Chief Commissioner

DCIT Vs Taradevi Ratanlal Bafna (ITAT Pune) Tribunal Quashes Re-assessment: Approval by PCIT Instead of Principal Chief Commissioner Held Invalid Assessee, an individual, filed her return of income on 26.02.2021 declaring total income of ₹93.17 crore. The case was originally assessed u/s 143(3). Later, AO received information from the Investigation Wing that Assessee had allegedly received bogus accommodation entries of ₹27.21 lakh as LTCG, claimed exemption u/s 10(38) of ₹1.10 crore & had unverified bank credits of ₹7.68 crore. On this basis, notice u/s 148A(b) was issued on 30.03...