Case Law Analysis
|Income Tax Appellate Tribunal
Section 147 Income Tax Act | Reassessment Invalid Without Recorded Reasons & Section 151 Approval: ITAT Delhi Reduces Addition from Rs. 35 Lakh to Rs. 3 Lakh
The ITAT Delhi set aside a Rs. 35 lakh addition for unexplained cash deposits during demonetization because the reassessment under Section 147 lacked mandatory reasons and failed to secure prior approval under Section 151. Only Rs. 3 lakh was upheld after scrutiny, reinforcing that procedural compliance is non-negotiable in reassessments - a critical safeguard for taxpayers facing post-demonetization scrutiny.