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NewsPolicyRadarMonday, 12 October 2026NEW

Income Tax | ITAT Mumbai Quashes ₹33.36 Crore Reassessment for Invalid Section 151 Approval

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Summary
ITAT Mumbai quashes ₹33.36 crore reassessment as Section 148 notice issued after three years lacked approval from the competent authority.
Key Facts
TypeNews
SourcePolicyRadar India
PublishedMonday, 12 October 2026
Affected Population1.4 billion citizens, 63 million MSMEs
Key Numbers
GDP: $3.9 trillion (2025 est.)
Fiscal deficit target: 4.4% of GDP
GST collection: Rs 1.87 lakh crore/month avg
Key Authorities
Ministry of FinanceRBISEBIDEA
Key Stakeholders
TaxpayersBanks & NBFCsInvestors
Government Context
NDA IIIBJP-led NDA
Centre-Right
LeftCentreRight
Explore Sectors
Finance & Economy671 tracked→
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