Order Collapses as 148 Notice Not Issued by Faceless AO

DCIT Vs Seth Industrial Corporation (ITAT Chandigarh) Seth Industrial Corporation, engaged in manufacturing of bicycles, filed its return on 03.09.2018. A search u/s 132 was conducted on 21.10.2021. Based on search findings, Jurisdictional AO (JAO) issued notice u/s 148A(b) on 24.03.2022 & after passing order u/s 148A(d), issued notice u/s 148 on 06.04.2022. Reassessment u/s 147 was completed on 24.08.2023 with additions of ₹130 lakhs & ₹21.58 lakhs u/s 69 r.w.s. 115BBE. CIT(A) deleted ₹21.58 lakhs but sustained ₹45.25 lakhs out of ₹130 lakhs. Both Assessee & Revenue file...