Split Jurisdiction Breaks Reassessment, U/s 147 Order Quashed

All One Knit Yarns Traders Vs ITO (ITAT Chennai) Split Jurisdiction Fatal: JAO Starts, NFAC Finishes—Reassessment Collapses  In All One Knit Yarns Traders Vs. ITO , ITA No.2789/Chny/2025, AY 2019-20, order dated 31.12.2025, Chennai ITAT quashed reassessment on jurisdictional defect under faceless regime. Assessee was subjected to reopening on allegation of unexplained cash withdrawals of ₹3.27 crore, which were ultimately treated as unexplained expenditure u/s 69C in reassessment completed u/s 147 r.w.s. 144B by NFAC. Tribunal noted that notice u/s 148A(b), order u/s 148A(d) & not...