9911796707
TMI Blog2023 (5) TMI 26X X X X Extracts X X X X X X X X Extracts X X X X ..... old Farm Estates India Private Limited ("the assessee") for the assessment years 2009-10 to 2015-16, both the assessee and Revenue preferred these appeals. Facts involved for all these assessment years are similar and mostly the grounds of appeal. We, therefore, deem it just and convenient to dispose of these appeals by way of this common order, taking the appeals for the assessment year 2011-12 in ITA No. 1223/Hyd/2018 filed by the assessee and ITA No. 1173/Hyd/2018 filed by the Revenue respectively, as lead cases. For the assessment years 2010-11, 2012-13, 2013-14 & 2014-15, assessee preferred appeals with a delay stating that the Director of the assessee-company was in prison from February, 2016 and was released on 08/06/2018 and immedia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... treating the share premium and the share capital received in cash as un-explained cash credits. Learned Assessing Officer also made an addition under the head 'income from other sources'. 3. Assessee preferred appeal before the learned CIT(A) and produced additional evidence under rule 46A of the Income Tax Rules, 1962 ('the Rules'). Learned CIT(A) obtained remand report from the learned Assessing Officer. On an appraisal of the material before him and taking note of the fact that in the cases of the Agri Gold Group, estimation of profit was consistently made at 5%, learned CIT(A) directed the learned Assessing Officer to adopt the rate of 5% for estimation of net profit subject to the quantum of profits returned by the assessee. Learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... produce all the material before the learned Assessing Officer to prove their case and get the assessment done on merits. He submitted that precisely on this ground on earlier occasions, a Co-ordinate Bench of this Tribunal in the batch of cases concerning the group concerns restored the file to the learned Assessing Officer for fresh adjudication, after affording opportunity to the assessee to produce all the material at their custody. He produced the copies of the orders in ITA No. 16/Hyd/2018 and batch dated 29/11/2022 in the case of DCIT vs. Agri Gold Constructions P. Ltd., and ITA No. 1220/Hyd/2018 and batch dated 16/03/2023 in the case of M/s. Dream Land Ventures Private Limited and batch, the same forms part of record. 6. Per contra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2/2019 issued by the Superintendent, District Jail, Eluru and also the letter dated 24/11/2016 addressed by Shri A.V.Rama Rao, Chairman of the Agri Gold group to the DCIT, Hyderabad that the Chairman, Vice Chairman, Managing Directors and others were in custody between the period 12/02/2006 and 23/10/2018 and lodged in District Jail, Eluru. 8. This material clearly establishes that from 12/02/2016 to 23/10/2018 all the persons responsible for the affairs of the company were in custody and in their absence, as claimed by the learned AR, some part of the material was produced before the authorities. There is nothing contrary to disbelieve the statement of the learned AR that the assessee could not prosecute the proceedings before the authori ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to 2015-16, addition under section 68 of the Act was not there, and all the other three additions are there. Facts are similar to the assessment year 2011-12 in which year, it was held that such issues require verification at the end of the learned Assessing Officer. We, therefore, set aside the impugned orders for all these years also, and restore the matters to the file of the learned Assessing Officer to adjudicate the same afresh, after giving an opportunity of being heard to the assessee and also to produce all the relevant material at their custody. Hence, all these appeals of assessee and Revenue are also treated as allowed for statistical purposes.
Order pronounced in the open court on this the 26th day of April, 2023. X X X X Extracts X X X X X X X X Extracts X X X X
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