PRINCIPAL COMMISSIONER OF INCOME TAX Vs. GRACY BABU

JUDGEMENT

(1.) As all these appeals filed by the Revenue arise out of a common order dtd. 30/9/2019 of the Income Tax Appellate Tribunal [hereinafter referred to as the 'Tribunal'], Cochin Bench, they are taken up for consideration together and disposed by this common judgment. For the sake of convenience, the details of the various appeals with reference to the assessee and the assessment year concerned, as also co-relating it to the appeals that were filed before the Tribunal, are provided in tabular form below:- <FRM>JUDGEMENT_62_LAWS(KER)4_2024_1.html</FRM>

(2.) The brief facts necessary for disposal of these appeals are as follows: The Carmel Educational Trust, Adoor was constituted by a registered trust deed dtd. 14/8/2001. It is engaged in running educational institutions imparting education in the subjects of Engineering and Management. The 12 trustees of the Trust belong to three closely related family groups, and their details are as follows:

(3.) A search under Sec. 132 of the Income Tax Act [hereinafter referred to as the 'I.T. Act'] was conducted at the residence of the Sri.Jose Thomas, Smt.Gracy Babu and Sri.P.J.Paulose on 4/3/2009 and certain documents were seized. An unsigned draft agreement dtd. 23/2/2009 was found which indicated that the amount envisaged for settlement of liability was Rs.43.50 crores and that the value of the rubber estate extending to 55.15 acres of land was Rs.6.50 crores. Certain other documents relating to fee collection from students in excess of what was fixed by the Government, and investment details of trustees etc. were also seized, but those particulars are not of any concern to us in these appeals.