2012 (8) TMI 1170

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....case and in law, the learned CIT(A) erred in upholding the validity of the order passed U/s.158BD of the I.T. Act and that too without giving full and proper opportunity of being heard in the matter. 3. On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in upholding the validity of the order passed U/s.158BD of the I.T. Act and that too without even appreciating fully and properly the facts of the case." 3. At the time of hearing, the AR appearing on behalf of the assessee company conceded grounds no. 1 to 3 as not pressed. Since the grounds are not pressed, the same are dismissed. 4. Grounds no. 4 & 5 are interlinked, in a way that the AO had estimated the undisclosed investment at ₹ 10,44....

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....vestments, on account of hawala accommodation. The DR submitted that in fact, the CIT(A) has favoured the assessee by reducing the disallowance from ₹ 10,46,490 to ₹ 2,61,627 only, besides adding the GP at 5% on ₹ 10,46,490. 7. We have heard the rival contentions and have also perused the orders of the revenue authority and the material placed before us. This is a case of assessment of a connected person, whose records had been found in the cource of search proceedings of another person. Because of this reason, special provisions under Chapter XIVB has to be applied on such connected person. The fact that NSMPL, NSCPL and CLRPL were subjected to search u/s 132 and Chapter XIVB was applied thereon. In the investigation con....