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TMI Blog2022 (11) TMI 1347X X X X Extracts X X X X X X X X Extracts X X X X ..... ;of the learned CIT (A)-12, Hyderabad relating to the respective A.Ys mentioned above. For the sake of convenience, all these appeals were heard together and are being disposed of by this common order. 2. First we take up ITA No. 48/Hyd/2018 by the assessee and ITA No. 16/Hyd/2018 filed by the Revenue for A.Y 2009-10 as the lead case. ITA No. 48/Hyd/2018 - A.Y 2009-10 2.1 Facts of the case, in brief, are that the assessee is a company engaged in the business of real estate. It filed its original return of income on 28.2.2010 admitting income of Rs. 1,24,40,453/-. The Assessing Officer completed the assessment u/s 143(3) on 22.2.2011 wherein he had estimated the income from sale of plots @5% of the turnover, interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ition need to be made as the Assessing Officer in the original assessment order dated 22.2.2011 passed u/s 143(3) had already estimated such income at 50%. 4. Aggrieved with such part relief given by the learned CIT (A), both the Revenue and assessee are before the Tribunal by raising the following grounds: 5. Grounds raised by the assessee in ITA No. 48/Hyd/2018 for the A.Y 2009-10 reads as under: "1. The learned CIT (Appeals) is erred in facts and law while passing the order. 2. The learned CIT (Appeals) erred in arriving at the conclusion that the company has sought to introduce cash credits without establishing identity, creditworthiness and genuineness as required u/s. 68 even though the appellant company has provided the d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t and further the regular assessment is being completed. 8. The Learned CIT(appeals) is erred in fact that once regular assessment is completed the additions can be made only on the basis-e incriminating material. 9. On the facts and circumstances of the case the learned CIT(Appeals) is erred in relying on the statement U/s 132(4) recorded from chairman of the group as no incriminating material was addressed/referred in the statement recorded U/s 132(4) for which there is no evidentiary value. 10. The Appellant craves to leave, to add, to amend and / or to alter any of grounds of appeal, if need be." 6. Grounds raised by the Revenue in ITA No. 16/Hyd/2018 for the A.Y 2009-10 reads as under: "1. Whether on the facts and cir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Grounds of Appeal as mentioned in Sr. No. 1 to 4 above, whether on the facts and circumstances of the case, and in law, the Ld. CIT(A) erred in estimating the profit @ 5% of gross receipt without appreciating that in the appellate order dated 27.06.2014 for AY 2011-12 on which the present Ld. CIT(A) relied upon, the then CIT(A) in Para-5 of the appellate order has directed the AO to adopt estimation 8% of gross receipts of construction work and adopt estimation @ 5% of gross receipt on sale of plots? 6. Whether on the facts and circumstances of the case, and in law, the Ld. CIT(A) failed in treating the interest income as business income without appreciating the fact that it has not been brought on record by the assessee that the surpl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so not warranted since the money was received from the group concerns only and therefore, here also given an opportunity, the assessee is in a position to substantiate his case before the Assessing Officer. He accordingly submitted that in the interest of justice, the assessee should be given an opportunity to substantiate his case. 8. The learned DR, on the other hand, while supporting the order of the Assessing Officer submitted that some cases of the group concerns have already been restored to the file of the Assessing Officer for fresh adjudication. Therefore, he has no objection, if these appeals are restored to the file of the Assessing Officer for adjudication afresh. 9. We have heard the rival arguments made by both the sides, pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 153A, the assessee could not produce the books of account and furnish other details as called for by the Assessing Officer since the Directors were under custody and there was nobody available to produce the record/details before the Assessing Officer. It is his submission that given an opportunity, the assessee is in a position to substantiate its case before the Assessing Officer since the share capital that has been added by the Assessing Officer and upheld by the learned CIT (A) u/s 68 is nothing but receipt from the group concerns and therefore addition u/s 68 could not have been made. It is his submission that since the Directors are now free and the books of account are available with the assessee therefore, given an opportunity, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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