COMMISSONER OF INCOME TAX Vs. MUKTA SRIDHAR

JUDGEMENT

(1.) ITA Nos.513/2008, 512/2008, 514/2008, 664/2008, 667/2008, 670/2008, 673/2008 and 511/2008 are directed against the common order of the Income Tax Appellate Tribunal, Bangalore Bench 'B' dated 13.12.2007 passed in ITA Nos.659 to 666/B/06. The above appeals pertain to different persons of the same joint family for different assessment years as detailed below: <FRM>JUDGEMENT_423_TLKAR0_2011_1.html</FRM>

(2.) In the above batch of appeals, the following substantial questions of law have been formulated for adjudication:

(3.) Apparently all the respondents - assesses had filed their returns under Section-139 of the Act prior to the assessment. From the records, it is noticed that a search of the premises was conducted under Section-132 of the Act which commenced on 6.1.2004 and went up to 27.2.2004 when statement under Section-132 of the Act came to be recorded and so also panchanama was drawn. Subsequent to the search proceedings, the respondents -assessees filed revised returns twice surrendering the income brought to tax, during the course of search. After assessment of revised returns, the assessing authority proceeded with the assessment and passed orders in the year 2005. Subsequently penalty proceedings came to be initiated. The Assistant Commissioner of Income Tax rejecting the defence taken by the respondents -assessees proceeded to impose of penalty on all the assessees under Sec. 271(1) (c).