Delhi HC Sets Aside Reassessment Over Cash Deposits During Demonetisation, Says Order U/S 148A(d) Income Tax Act Transgressed Notice U/S 148A(b)

Delhi High Court set aside a reassessment action over demonetization cash deposits, stating that the order under Section 148AD of the Income Tax Act transgressed the notice under Section 148AB. The court found irregularities or inconsistencies in the procedures followed by the tax authorities in initiating the reassessment proceedings related to cash deposits made during demonetization. The ruling emphasizes the importance of strict adherence to the statutory procedures and timelines prescribed under the Income Tax Act for reassessment.