Reassessment Initiated on Incorrect Jurisdiction and Mechanical Approval: ITAT quashes Proceedings [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal(ITAT) quashed the reassessment proceedings initiated under Section 147, citing incorrect jurisdiction and mechanical approval under Section 151 of Income Tax Act,1961. Nikita Mahajan,appellant-assessee,challenged the jurisdiction under Section 147 of the Act and the additions made by the Assessing Officer (AO) on Long Term Capital Gain (LTCG) from…