Additions Made During Reassessment Don't Validate Proceedings Initiated For Income Escapement Below ₹50 Lakh Threshold: Delhi Court

In a significant ruling under the Income Tax Act, the Delhi High Court quashed reassessment notices issued by the Income Tax Department, citing irregularities in the approval process. The case highlighted issues regarding the time limits for issuing reassessment notices and the competence of the authority granting approval, specifically under Section 151 of the Income Tax Act. Key Issue: Competency of the Joint Commissioner of Income Tax The central issue…