(1.) BOTH these appeals are taken up together for hearing and we pass a common order since the facts, grounds and questions of law involved in both these appeals are same or similar.
(2.) ITA No. 768/2006 is filed by smt. D. Komalakshi and ITA no. 769/2006 is filed by Sri D. Rajkumar. They are husband and wife.
(3.) THE premises of the husband Sri D. Rajkumar was searched by the Department under Section 132 of the income Tax Act (for short, 'the Act' ). Thereafter, notices under Section 158bc of the Act were issued to the assessees namely smt. D. Komalakshi and sri D. Rajkumar. In response to these notices, both the appellants filed returns. Smt. D. Komalakshi filed her return, declaring rs. 19,32,838/ - as total undisclosed income for the block period. As per the returns, the total tax payable was declared to be Rs. 11,82,896/ -including surcharge. In the connected appeal, the husband - Sri d. Rajkumar declared Rs. 1,07,96,536/ -as total undisclosed income for the said block period. As per his return, the total tax payable was declared to be Rs. 66,07,480/ - , including surcharge. The Assessing officer gave credit for a sum of rs. 53,00,000/ - , which was seized during the course of search. The balance tax due from Sri. D. Rajkumar was Rs. 13,07,480/ -. The Assessing Officer concluded the block assessment of the appellant - Smt. D. Komalakshi and determined the total undisclosed income at Rs. 83,19,650/ -.