ITAT Quashes Reassessment Order Against Geecee Ventures Over Lack of Section 151 Approval From Specified Authority:

Geecee Ventures Limited, vide a disclosure dated April 28, 2026, had previously informed the stock exchanges (National Stock Exchange of India Limited and Bombay Stock Exchange Limited) about the receipt of an order dated May 30, 2023, passed by the Assessing Officer (AO) under Section 147 of the Income Tax Act, 1961.

Through the order, the AO had disallowed an exemption claimed under Section 10(35) of the Act, and the same disallowed amount was made as an addition to the company's income for the Assessment Year 2017-18 (Financial Year 2016-17), under Section 68 of the Act.

Being aggrieved by the AO's order, the company had filed an appeal before the first appellate authority, i.e., the Commissioner of Income Tax (Appeals) [CIT(A)], challenging the same order. However, the appeal was dismissed vide an order dated April 27, 2026.

Thereafter, the company approached the Income Tax Appellate Tribunal (ITAT) Mumbai Bench to further challenge the order through an appeal (ITA No. 5803/MUM/2026). When the tribunal heard the facts of the case, it allowed the company's appeal vide an order dated October 01, 2026, holding that the Section 148 notice was not issued after obtaining approval from a specified authority prescribed under Section 151 of the Act, and, consequently, the tribunal set aside the said notice too. The consequential reassessment order dated May 30, 2023, was held as invalid and void ab initio.

The company had received the tribunal's favourable order dated October 01, 2026, on October 09, 2026. The company further informed that presently, the current action has a favourable impact on its financial position; any impact in the future (if any) will be determined once the effect of the order is given.

Geecee Ventures Limited has made the aforementioned disclosure vide an Intimation dated October 09, 2026, in continuation of an earlier Intimation issued on April 28, 2026, under Regulation 30 read with Para B of Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.