CIT(A) Mistaken on VSVS Leads ITAT to Remand Quantum Appeal

Pagadala Velugonda Reddy Vs ACIT (ITAT Raipur)

VSVS for Penalty ≠ VSVS for Quantum— CIT(A)’s Mistaken Assumption on VSVS Leads to Full Remand  

Assessee, a senior citizen deriving agricultural income & not originally required to file return for AY 2013-14, faced reassessment completed ex-parte u/s 147 r.w.s.144 with addition of Rs.19,20,000 treating entire cash deposits as unexplained investment u/s 69. Before CIT(A)-NFAC, Assessee filed detailed submissions & evidence; however, CIT(A) dismissed appeal presuming Assessee had opted for settleme

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