COMMISSIONER OF INCOME TAX Vs. BELA JAIN

JUDGEMENT

(1.) By this common order, we propose to decide these appeals. Keeping in view the commonality of the question, the parties and the impugned order of the Tribunal, instead of referring the facts of each case, our purpose would be served by taking note of the facts from ITA 986/2005.

(2.) On the basis of this statement, notice under Section 148 was issued to the Assessee. It was on the premise that the Assessee had filed the Income-Tax Return only till the assessment year 1993-94 and thereafter, she had not filed the return. The Assessing Officer, in these circumstances, wanted to investigate the matter. As is clear from the aforesaid statement, the Assessee had stated that shares were purchased by certain persons in respect of the companies mentioned in the tabulated charge extracted in this statement during the financial years 1991-92, 1992-93,1993-94 and 1994-95. Different amount was spent by those persons (whose particulars are not available on record) in these years. However, as per the statement, these persons were paid the entire amount of Rs. 92,65,700/- 'in the current period i.e. in the financial year 1994-95 (corresponding to assessment year 1995-96). The notice under Section 148 was issued in respect of the assessment year 1994-95 (corresponding to financial year 1993-94). The 'Reasons to Believe' which form the basis for issuance of that notice read as under:

(3.) The Assessing Officer thereafter proceeded with the assessment and passed assessment orders on 31st March, 1998. In respect of this assessment year, he added an income of Rs. 23,50,000/- giving following basis: