Tax Relief for Senior Citizen: Assessment Quashed for Lack of Section 153D Approval

Mukul Rani Thakur Vs DCIT (ITAT Delhi) Income Tax Appellate Tribunal (ITAT), Delhi, has granted relief to a 66-year-old senior citizen, Mukul Rani Thakur, by invalidating an assessment order for the Assessment Year 2021-22. The tribunal found that the assessment, pertaining to alleged undisclosed capital gains, was flawed due to the Assessing Officer’s (AO) failure to obtain mandatory prior approval under Section 153D of the Income Tax Act before passing the order. Thakur had filed her income tax return declaring an income of ₹6,98,900, primarily from the sale of equity shares and othe...