Treatment of arrears of interest as cash credit- ITAT remands matter back to AO

Sanwalchand Udaychand Bafna HUF Vs ITO (ITAT Mumbai) From the order of learned CIT(A) it is evident that it is assessee’s contention that the amount received is actually arrears of interest. Hence, the sum cannot be considered as cash credit. The learned CIT(A) despite noting these facts has mechanically confirmed Assessing Officer’s order without any verification. However, I note that these facts need to be examined by Assessing Officer. Hence all the facts need to be examined at the level of Assessing Officer. Hence, I remit the issue to the file of the Assessing Officer to consider the ...