2013 (2) TMI 528

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.... made by the assessing officer has been confirmed which is not correct and not justified in facts and in law and both. 2. The order u/s 144 has been passed by the assessing officer and the reasonable opportunity has not been given to the assessee and hence it is not justified and bad in law.   3. As per that the CIT (A) erred while not giving of opportunity to the assessee for submission of information and second time called for remand report. 4. The CIT (A) erred while passing the order wherein the remand report reply submitted by the assessing officer has not been considered at all and calling of the remand report by the assessing second time is not legally correct as already the remand report replies were available with the....

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....ese grounds have become infructuous in view of our findings given elsewhere in this order as we have set aside various related issues involved in this appeal to the file of the assessing officer for fresh consideration. 6. The next ground is with regard to the addition on account of share capital. There was an addition of Rs.1,04,70,000/- towards share capital. The share capital said to have been received from the following parties:- 1. GVNS Raju Rs. 1,75,000/- 2. AB Satyavas Reddy Rs. 3,000/- 3. PV Ramana Reddy Rs. 10,000/- 4. KPC Rao Rs. 10,500/- 5. Lumbini Electricals Ltd. Rs. 90,000/- 6. MS Murthy Rs 5,10,000/- 7. P. Anjaneyulu Rs. 50,70,000/- According to the assessee, it filed full details of t....

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.... of the above, the assessing officer is directed to verify all purchase bills and using of computers in assessee's business and decide the issue in accordance with law.   8. The next ground is with regard to the addition of Rs.221.10 crores being fixed deposits made by the assessee. According to the assessee 237.04 crores received from M/s. Cargill International Trading Pvt. Limited, Singapore through State Bank of India, Overseas Branch, Jawahar Vyapar Bhavan, New Delhi. According to the learned authorised representative, the assessee has not been given proper opportunity to explain the same before the CIT (A) when he called for the remand report second time from the assessing officer and pleaded an opportunity of being heard to th....