Reassessment notice u/s. 148 quashed as approval prescribed under amended section 151 not obtained

Kishan Beej Vs ITO (ITAT Rajkot)

ITAT Rajkot held that the reassessment notice under section 148 of the Income Tax Act has been issued without obtaining the approval as prescribed under amended provision of section 151 of the Act is liable to be quashed. Accordingly, appeal of assessee allowed.

Facts- As per information available with the department, the assessee has made cash deposits amounting to Rs. 21,92,000/-in its Bank Account during demonetization period. The assessee has failed to disclose details of cash deposits during demonetization in its return

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