Custom Taxonomy Returning 404 error

Hi!

I have created a custom taxonomy for my quote listing but wordpress returning me 404 page.

I have the created two categories in the custom taxonomy e.g
Inspiration
Inspiration -> Best Quote

http://sitename.com/quote/inspiration/

This permalink structure is working fine for me but I want to make a hierarchical slug (deep permalink) for this taxonomy e.g. http://sitename.com/quote/inspiration/best-quote/ this is returing 404 error 🙁

Here is the taxonomy code i wrote in functions.php file.
[Code moderated as per the Forum Rules. Please use the pastebin]

Can anyone assist me into this matter?