2012 (10) TMI 1130

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....xplained increase in share capital. 2. On the facts and in the circumstances of the case, the Ld CIT(A) has erred by deleting additions of  Rs. 19.63 crores out of addition of  Rs. 19.76 crores made u/s 68 of the Act on account of unexplained receipts of unsecured loans. 3. On the facts and in the circumstances of the case, the Ld CIT(A) has erred by not deciding the case on merits and by deleting the additions with the simple observation that he had gone through the assessment order, remand report and assessee's replies and in his considered view, out of the total additions only an addition of  Rs. 13,25,000/- can be sustained u/s 40A(3) of the Act. 4. On the facts and in the circumstances of the c....

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....en completed vide order dated 30.12.2008 u/s 144 of the IT Act. The Assessing Officer in its one and half page assessment order has made the addition of  Rs. 5 lakhs on account of increase in share capital and  Rs. 19,76,98,311/- on account of acceptance of unsecured loans. 4. Aggrieved with the assessment order, the assessee filed appeal before Ld CIT(A) and submitted additional evidence in respect of unsecured loans and share capital. In the remand report submitted by the Assessing Officer he objected to the acceptance of additional evidence and also presented his case on merit. However, the Assessing Officer on the basis of submissions of assessee deleted the addition made by the Assessing Officer. However, he made a disallo....

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....t's conclusion but the decision making process also. In view of the above, the Ld DR pleaded that case should go back to the Assessing Officer for readjudication. 7. The Ld AR, on the other hand, argued that the assessee is a corporate body and it depends for its working upon a number of employees and professionals and due to certain miscommunication amongst its employees the company could not appear before Assessing Officer and as and when the assessment order was received it filed appeal before Ld CIT(A). Therefore, it cannot be said that assessee had no respect for law. He further argued that on the basis of submissions by the assessee, the Ld CIT(A) had exercised his powers available under the Act and after obtaining remand report fr....