Reopening u/s. 148 quashed as reasons recorded found to be invalid: ITAT Chandigarh

Malkiat Agro Vs DCIT (ITAT Chandigarh) ITAT Chandigarh held that cash deposits in assessee’s bank account was less than the amount mentioned in the reopening notice and thus reasons recorded by the AO were not found to be valid and, therefore, the reassessment framed was quashed. Accordingly, appeal of assessee allowed. Facts- The assessee is carrying on the business of manufacturing and sale of Harvesting Combines and other Agricultural Implements in the status of partnership firm, since 1988. The case of the assessee was reopened u/s. 148 for verification of financial transactions with...