BABY SAMUEL Vs. ASSISTANT COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) RULE returnable forthwith. The respondent waives service. By consent of the parties, rule is taken up for final hearing.

(2.) THE substantial question sought to be raised in this appeal is as to when an issue was vaguely taken in the grounds of appeal, but argued specifically at the time of the final hearing of the appeal, can the Tribunal refuse to adjudicate upon that issue on the merits on the ground that no such ground has been taken specifically in the grounds of appeal ?

(3.) SOME time in March, 1996, the assessee's premises were searched under S. 132(1) of the IT Act ("Act" for short) and certain amount of cash and books of account were taken into custody by the IT authorities. On the basis of the seized material, the AO issued a notice to the assessee under s. 158BC of the Act and after hearing the assessee, passed the assessment order dt. 31st March, 1997, making the assessment for the block period 1st April, 1985 to 20th March, 1996, determining the total undisclosed income at Rs. 1,88,16,506 and levied thereon tax @ 60 per cent, which came to Rs. 1,12,89,904.