ITAT Invalidates assessment after invalid approval

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT), by its order dated 25 June 2026, partly allowed the appeals filed by Vrinda Ispat Pvt. Ltd. for various assessment years. 

While quashing one reassessment as time-barred in light of the Supreme Court's decision in PCIT v. Rajeev Bansal, the Tribunal also held that reassessment proceedings for Assessment Year 2016-17 were void because the statutory approval under Section 151 had been granted by the Principal Commissioner of Income Tax instead of the Principal Chief Commissioner of Income Tax, who alone was the competent authority.