2023 (4) TMI 1185

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....CIT(A)") in the case of M/s. Dream Land Ventures 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 2009-10 in ITA No. 802/Hyd/2018 and ITA No. 1220/Hyd/2018 filed by the Revenue and the assessee respectively, as lead cases. For the assessment years 2009-10, 2010-11 & 2015-16 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/....

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....rate of 5% for estimation of net profit subject to the quantum of profits returned by the assessee. Learned CIT(A) sustained the addition made under section 68 of the Act in respect of the share application money and premium. Learned CIT(A), however, directed the learned Assessing Officer to treat the interest income as 'income from business'. 4. Challenging the deletions directed by the learned CIT(A), Revenue and aggrieved by the additions to the extent they are sustained by the learned CIT(A), assessee preferred appeals. 5. At the outset, it is submitted on behalf of the assessee that at relevant time during the assessment proceedings, pursuant to the issuance of notice under section 153A of the Act and also during the first appellate ....

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....rned CIT(A) took a plausible view. He, therefore, submitted that the assessee had sufficient opportunity before the authorities below. Learned DR, however, fairly conceded that in various batches of cases involving the group concerns of Agri Gold group, the Coordinate Benches of the Tribunal took the view that it would be in the interest of justice, to restore the issue to the file of learned Assessing Officer with a direction to adjudicate the same afresh, after giving due opportunity of being heard to the assessee. 7. We have gone through the record in the light of the submissions made on either side. It could be seen from the order dated 29/11/2022 in the batch cases of Agri Gold Constructions P. Ltd., and order dated 30/01/2023 in the ....