PMLA Scam of Investment in Cloud Particles: Punjab & Haryana HC refuses to Defreeze Bank Account

The Income Tax Appellate Tribunal (ITAT) ruled that the reassessment of a taxpayer’s income is invalid if it is not approved properly by the appropriate authority. The ruling came after a taxpayer challenged a reassessment order made without due consideration. The tribunal emphasized the importance of a proper application process and approval before initiating reassessments under Section 147 of the Income Tax Act. If these procedures are not followed, the reassessment will be deemed invalid, reinforcing the need for due diligence in tax proceedings.