ITAT Quashes 7-Line Non-Speaking NFAC Assessment in Limited Scrutiny

Advertisement Kotagiri Cooperative Store Vs ITO (ITAT Chennai) Assessment Completed in 7 Lines Without Discussion – Non-Speaking NFAC Assessment Set Aside in Co-op Store Case Assessee, a co-operative society running public distribution system (PDS) fair price shops, filed return at NIL income after claiming deduction u/s 80P(2)(a)(iii). The return was picked for “limited scrutiny” to examine business expenses. AO, however, disallowed the 80P claim outright & assessed income at ₹34.20 lakh, completing the assessment in just seven lines, without issuing mandatory show-cause no...