TMI Blog2023 (5) TMI 26X X X X Extracts X X X X X X X X Extracts X X X X ..... mpany were in custody and in their absence, as claimed by the AR, some part of the material was produced before the authorities. There is nothing contrary to disbelieve the statement of the learned AR that the assessee could not prosecute the proceedings before the authorities diligently due to the fact of non-availability of the persons responsible for the affairs of the company. In fact, this peculiar circumstance is taken note by the Co-ordinate Benches of this Tribunal in the cases of the group concerns on earlier occasions as is evidenced by the copies of the orders in the case of DCIT vs. Agri Gold Constructions P. Ltd [ 2022 (11) TMI 1347 - ITAT HYDERABAD] and M/s. Dream Land Ventures Private Limited [ 2023 (4) TMI 1185 - ITAT HY ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see preferred appeals with a delay stating that the Director of the assessee-company was in prison from February, 2016 and was released on 08/06/2018 and immediately after release he filed the appeals, but the delay occurred. As a matter of fact, learned DR fairly concedes to condone the delay. Recording the same, we condone the delay and proceed to hear the matter on merits. 2. There was a search and seizure operation under section 132 of the Income Tax Act, 1961 ( the Act ), in the case of the assessee on 23/01/2015 and pursuant thereto notice under section 153A was issued on 19/08/2015 followed by notices under section 142(1) of the Act, but the assessee did not respond to any of such notices, and, therefore, the learned Assessing Off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T(A) directed the learned Assessing Officer to adopt the 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 . On the aspect of adding the difference of the market value of the shares acquired and the sale consideration, learned CIT(A) directed the learned Assessing Officer to adopt a revised working for calculation of the Fair Market Value of such shares after considering the TDS and advance tax. 4. Challenging the deletions directed by the learned C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d., and ITA No. 1220/Hyd/2018 and batch dated 16/03/2023 in the case of M/s. Dream Land Ventures Private Limited and batch, the same forms part of record. 6. Per contra, learned DR submitted that the assessee produced additional evidence before the learned CIT(A) under rule 46A of the Rules, learned CIT(A) considered the same to obtain the remand report, such material was considered by the learned Assessing Officer to submit the remand report and basing on it, learned 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 Co-ordinate Benches o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oduced before the authorities. There is nothing contrary to disbelieve the statement of the learned AR that the assessee could not prosecute the proceedings before the authorities diligently due to the fact of non-availability of the persons responsible for the affairs of the company. In fact, this peculiar circumstance is taken note by the Co-ordinate Benches of this Tribunal in the cases of the group concerns on earlier occasions as is evidenced by the copies of the orders in ITA No. 16/Hyd/2018 and batch dated 29/11/2022 in the case of DCIT vs. Agri Gold Constructions P. Ltd., and ITA No. 1220/Hyd/2018 and batch dated 16/03/2023 in the case of M/s. Dream Land Ventures Private Limited and batch (supra). 9. Having regard to the peculiar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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