COMMISSIONER OF INCOME TAX AND ANOTHER Vs. N. THIPPA SETTY

JUDGEMENT

(1.) HEARD Sri M.V. Seshachala, learned Counsel for the appellants and Sri A. Shankar, learned Counsel for the respondent. This order shall also govern disposal of IT Appeal Nos. 105 of 2002 and 106 of 2002, which are for the asst. yrs. 1989 -90, 1990 -91 and 1993 -94 respectively arising out of common order passed by Tribunal. It has not been disputed before us that in all the aforesaid appeals, which are at the instance of the Revenue, common questions of law have been formulated, which are required to be adjudicated, by this Court.

(2.) THESE appeals under Section 260A of the IT Act, 1961 (hereinafter shall be referred to in short as "the Act") are at the instance of Revenue against the order dt. 30th Oct., 2001 passed by the Tribunal, Bangalore Bench 'C' in ITA Nos. 545 to 552/Bang/2000 for the aforesaid assessment years. The appeals before the Tribunal were at the instance of the assessee against the consolidated order passed by the CIT(A) on 5th June, 2000, for the same assessment years. In fact out of the impugned order passed by the Tribunal, eight appeals were preferred by the Revenue. Out of those eight appeals, three appeals already stood disposed of by an earlier order passed by this Court. IT Appeal Nos. 99 of 2002 and 101 of 2002 for the asst. yrs. 1991 -92 and 1992 -93 have been disposed of by us yesterday, as the original records produced before us categorically revealed that there has not been any mandatory compliance with regard to Section 148(2) of the Act in as much as no reasons have been recorded for invoking the said section. Thus on technical ground, those two appeals have been disposed of, without going into merits of the same.

(3.) THE facts of the case, lie in narrow compass, which are mentioned hereinbelow: A search was conducted in the residential premises of the assessee on 23rd Aug., 1994, purportedly exercising the power conferred on the Department under Section 132 of the Act. The assessee is a medical practitioner and is assessed to tax in the status of individual deriving the income by way of insurance commission, income from house property, etc. During the course of search, the following valuables were seized by the Department: