COMMISSIONER OF INCOME TAX Vs. ANNAMALAI FINANCE LTD

JUDGEMENT

(1.) THESE appeals are directed against the common order dated 23. 1. 2003 of the Income Tax Appellate Tribunal, Madras 'a' Bench, made in I. T. A. Nos. 99 to 101 and 103/m2/02, with reference to the assessment years 1992-93, 1993-94, 1994-95 and 1998-99.

(2.) IN brief, the assessee-company is a non-banking financial company engaged mainly in the business of hire purchase and equipment leasing. After completion of the original assessments for the assessment years 1992-93, 1993-94, 1994-95, notices were issued by the Assessing Officer for reopening the assessments of the respondent/assessee on the ground that income has escaped assessment for the said three assessment years.

(3.) AFTER hearing the learned counsel for the appellant/ revenue and perusing the orders of the authorities below, we are inclined to pass the following order on the above substantial questions of law.