2010 (11) TMI 795

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....   JUDGEMENT   With the consent of both the sides, we directed the Registry to put up this appeal also as this also arises out of the common order as in ITA Nos.106/2006 and 107/2006. Accordingly, this appeal is also taken up on the Board and disposed of.   This appeal pertains to assessment year 1986-87.   2. A search came to be made in the premises of the Assessee....

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...., after going through the accounts of ICA and KSD produced by the Assessee opined that in the revised returns filed by the Assessee, the income of ICA and KSD were wrongly included and that the income of the said entities could not be considered as income of the assessee. It also opined that in case of Transcorp Associates - Delhi, Megacorp-Bombay and Intercorp-Bombay should not be computed as the....

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....ove said circumstances, scrutinizing the accounts of the above entities while assessing income of the assessees was not valid in law as there was no material on record. Therefore, their Lordships held that the Assessing Officer was entitled to go into the accounts of the above said entities to find out whether the income of the said entities has any nexus with the income of the Assessee to fasten ....

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....d for redoing the assessment as directed by the C.I.T earlier, there should not have been a fresh assessment orders. Therefore, the appeal came to be dismissed on technical and statistical fact as observed by the C.I.T. This again came to be challenged by the Revenue before the ITAT in another batch of appeals and the appellate authority upheld the orders of the Tribunal. These orders are question....