2013 (11) TMI 1608

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....i D. Sudhakar Rao ORDER PER B. RAMAKOTAIAH, A.M.: This is an appeal by Assessee directed against the order of CIT(A)-II, Hyderabad dated 23-03-2011. Assessee raised 11 grounds on various issues. 2. At the outset, the learned counsel for Assessee submitted that Assessee company belongs to Sujana Group wherein search and seizure operations were carried out and the case of Assessee was referre....

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....oss on sale of shares was also done by the AO without giving opportunity to Assessee. 3. The learned counsel further submitted that in the remand proceedings before the AO when referred by the CIT(A), Assessee furnished confirmations to the extent of Rs. 15.42 crores which was accepted as genuine. With reference to the balance, it was submitted that these are also the credits from group entities ....

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....rough books of account. He, therefore, prayed that the matter may be restored to the file of the AO/CIT(A) for proper verification. 4. The learned DR, however, relied on the orders of the authorities and submitted that Assessee did not furnish information and, accordingly, additions were made. 5. We have considered the issues and examined the record. As far as various credits are concerned, the ....

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....ere transfers of entries from one company to another company, which have not been examined by the AO at all. Not only that even when the further information was furnished before the CIT(A), the CIT(A) refused to entertain the same as can be seen from para 6.1 of CIT(A)'s order. We are of the opinion that Assessee deserves another opportunity to explain the transactions, particularly, in the contex....