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

Advertisement 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 settlement of quantum dispu...