https://www.taxtmi.com/caselaws?id=769302 ITAT Rajkot quashed the reassessment order under section 147/148 due to procedural violations. The notice under section 148 was barred by limitation and issued without proper approval under amended section 148A. The AO failed to follow new provisions effective from 01/04/2021, requiring concrete information for income escapement. The tribunal held that mere cash deposits during demonetization, which were recorded in audited books and disclosed in returns, did not constitute escapement of income without concrete evidence. The reassessment was conducted improperly under old procedures despite new law applicability. en-us Fri, 11 Apr 2025 00:00:00 +0530 Wed, 23 Apr 2025 09:09:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769302 ITAT Rajkot quashed the reassessment order under section 147/148 due to procedural violations. The notice under section 148 was barred by limitation and issued without proper approval under amended section 148A. The AO failed to follow new provisions effective from 01/04/2021, requiring concrete information for income escapement. The tribunal held that mere cash deposits during demonetization, which were recorded in audited books and disclosed in returns, did not constitute escapement of income without concrete evidence. The reassessment was conducted improperly under old procedures despite new law applicability. Case-Laws Income Tax Fri, 11 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769302