2009 (12) TMI 373

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....missioner. JUDGMENT The judgment of the court was delivered by C. N. Ramachandran Nair J.- The connected reference cases arise from the block assessment of the assessee for the block period of ten years ending on February 9, 1996 after a search made in the premises of the assessee. Based on materials gathered in the course of search, a block assessment was made, which included Rs. 65 lakh....

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....s. We have heard advocate Sri P. Balakrishnan appearing for the assessee and standing counsel appearing for the respondent. 2. Even though counsel for the assessee elaborately argued that the assessment of Rs. 65 lakhs is without any basis, on going through the orders and the evidence available on record we notice that the finding of the Tribunal is based on proper and convincing evidence about....

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....essee will retire from the firm. In fact, in terms of the statement of the managing partner, after constitution of the firm the assessee along with another partner applied to the Income-tax Department for no objection certificate for purchase of the property and from the firm constituted on November 15, 1993, the assessee retired on November 1, 1994 and on March 2, 1995, the sale deed was register....

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....ng of the Tribunal is based on convincing evidence and therefore, we answer the question referred to us by the Tribunal at the instance of the assessee in favour of the Revenue and against the assessee. 3. So far as the reference made by the Tribunal at the instance of the Revenue is concerned, we do not find any ground to interfere because the assessee produced evidence to convince the Tribuna....