Reassessment Quashed for Want of Proper Sanction u/s 151(ii)

Devanshi Sharma Vs ITO (ITAT Mumbai) The assessee challenged reopening proceedings relating to alleged bogus LTCG exemption u/s 10(38) from sale of shares, where the AO treated sale proceeds as fictitious and made additions after reopening u/s 147. The primary issue before ITAT was jurisdictional validity of the reassessment initiated through order u/s 148A(d) and notice u/s 148. The Tribunal observed that both the order u/s 148A(d) and notice u/s 148 were issued after expiry of three years from the end of AY 2017-18. As per sec. 151(ii), sanction in such cases must be obtained from PCCIT/CCIT...