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2014 (1) TMI 1312 - AT - Income TaxValidity of Re-assessment u/s 147/148 of the Act Sanction from Additional CIT not taken Violation of Section 151 of the Act - Deletion made u/s 68 of the Act Unexplained cash credits Commission paid from undisclosed sources Held that:- The decision in CIT vs. Suman Waman Chaudhary [2008 (2) TMI 568 - BOMBAY HIGH COURT] followed - The express requirement of Section 151 (2) is that of grant of sanction for issuance of a notice u/s 148 of the Act, by an Assessing Officer not below the rank of Joint Commissioner, where a period of more than four years has elapsed since the passing of an assessment order u/s 143 (1) of the Act the approval had not been accorded by the Addl. CIT, but had been sought for from the Commissioner, the action of the Tribunal in quashing the assessment proceedings was upheld by the Hon'ble High Court, holding that this was not an irregularity curable u/s 292B of the Act thus, the issuance of the notice u/s 148 of the Act in the present case is a nullity, and the same is not curable u/s 292B of the Act the reassessment and all proceedings are quashed Decided in favour of Assessee.
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