Notice by Jurisdictional AO, Assessment by NFAC Held Invalid: ITAT Quashes Entire 147 Proceedings

Muthuvel Agathiyan Vs ITO (ITAT Chennai) Notice by Jurisdictional AO, Assessment by NFAC Held Invalid: ITAT Quashes Entire 147 Proceedings Assessee filed return u/s 139(1) declaring total income of ₹4,85,110 consisting of salary income & loss from house property, which was processed. Later, based on e-verification information u/s 135A indicating cash deposits of ₹1,30,67,300 during FY 2019-20, Jurisdictional AO issued notice u/s 133(6) & on no response, further issued notice u/s 148 dated 30.03.2024. Subsequently, NFAC (Faceless Assessment Unit) completed assessment u/s 147 r.w.s....