Wrong Sanction Under Section 151 Makes Reassessment Void Ab Initio

Bansal Industries Vs ITO (ITAT Delhi) Wrong Sanction Kills Reopening Beyond 3 Years; Alleged Accommodation Entry Needs Verification: ITAT Delhi Grants Relief to Bansal Industries Delhi  ITAT granted substantial relief to the Assessee by remanding the reassessment for AY 2015-16 for verification and quashing the reassessment for AY 2016-17 on jurisdictional grounds. For AY 2015-16, the reassessment was initiated solely on the basis of an Investigation Wing report alleging receipt of accommodation entries of ₹38.75 lakh. The Assessee consistently contended that it had never entered into any ...