Section 148 Reassessment Quashed for Invalid Section 151 Sanction: ITAT Mumbai

Advertisement ITO Vs Himanshu Sarda (ITAT Mumbai) The appeal arose from the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2017-18. The assessee had filed a cross-objection with a delay of 37 days, which the Tribunal condoned after finding sufficient cause and noting that the Revenue had raised no objection. The assessee had filed a return declaring total income of ₹1,00,000. During the relevant assessment year, the assessee sold a property for an agreement value of ₹25,00,000, whereas the stamp duty value was ₹15,38,83,500. A notice under Section 148 of the Inc...