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Reassessment Quashed for Wrong Sanction: ITAT Bangalore Strikes Down 147 Order for Breach of Section 151
Case Law Details
- Case Name
- Suresh Bhatia (HUF) Vs DCIT (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Bangalore
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Suresh Bhatia (HUF) Vs DCIT (ITAT Bangalore)
The ITAT Bangalore held that reassessment proceedings initiated under Section 147 were invalid due to improper approval under Section 151, thereby quashing the entire assessment.
In this case, the assessee (HUF) had originally filed a nil return, but the AO reopened the case based on information regarding short-term capital loss on mutual funds (₹2.05 crore). Notice under Section 148 was issued on 26.07.2022, i.e., beyond 3 years from the end of the relevant AY (2016–17).
As per the amended law post Finance Act, 2021, such reopening beyond 3 yea...
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