Sec 148 Reassessment Quashed for Wrong Sanction & Limitation Breach under New Sec 151 Regime – ITAT Mumbai

DCIT Vs Bhavik Prafulchandra Vora (ITAT Mumbai) Reassessment Notice U/s 148 Quashed for Wrong Sanction & Limitation Breach – Non-Compliance with Sec.151 under New Regime – ITAT Mumbai The Tribunal examined the validity of reassessment proceedings initiated under the new regime of sections 148A & 151 where the AO alleged escaped income of ₹10.25 lakh relating to stock option transactions. The assessee challenged the jurisdiction itself through cross-objection, contending that the notice u/s 148 issued on 30.07.2022 was beyond three years and approved by an incorrect author...