https://www.taxtmi.com/caselaws?id=774235 The Tribunal set aside both CIT(A) and AO orders, remanding the matter for fresh adjudication on merits. The CIT(A) erroneously treated the appeal as withdrawn based on incorrect assumption that the assessee opted for VSVS against the assessment order, when it was only for penalty. The Tribunal held that income additions of Rs. 28,13,52,763/- based solely on Form 26AS were unjustified for cash accounting entities without actual receipt. The CIT(A) failed to allow corresponding bad debts of Rs. 25,12,72,280/- and incorrectly computed interest under section 234C on enhanced income rather than returned income. en-us Wed, 25 Jun 2025 00:00:00 +0530 Sat, 05 Jul 2025 08:47:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774235 The Tribunal set aside both CIT(A) and AO orders, remanding the matter for fresh adjudication on merits. The CIT(A) erroneously treated the appeal as withdrawn based on incorrect assumption that the assessee opted for VSVS against the assessment order, when it was only for penalty. The Tribunal held that income additions of Rs. 28,13,52,763/- based solely on Form 26AS were unjustified for cash accounting entities without actual receipt. The CIT(A) failed to allow corresponding bad debts of Rs. 25,12,72,280/- and incorrectly computed interest under section 234C on enhanced income rather than returned income. Case-Laws Income Tax Wed, 25 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774235