MADDI SREERAMULU Vs. STATE OF ORISSA

JUDGEMENT

(1.) THE petitioner M/s. Maddi Sreeramulu and Sons (HUF) filed the present application under Section 256(2) of the Income tax Act, 1961 (in short 'the Act') against the order dated 5.3.1990 passed by the Income Tax Appellate Tribunal, Cuttack Bench, Cuttack in reference Application No. 151/CTK/1989 relating to the assessment year 1976 -77.

(2.) THIS Court vide order dated 7.9.1992 has been pleased to admit this application on the following question of law: Whether on the facts and in the circumstances of the case, the initiation of the proceeding under Section 147(a) of the Income Tax Act was valid?

(3.) LEARNED Counsel for the petitioner Mr. G.N.Padhi submits that this case arises out of the search conducted by a Police Party at the premises of the assessee -petitioner on 17.9.1975 and on the basis of which some gold ornaments, silver and cash were seized from the petitioner. It is further stated that the Superintendent of Police, Koraput vide his letter dated 25.9.1975 informed the Income Tax Officer of such seizure and sent a copy of the seizure list to him.