2008 (1) TMI 127

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....n impugns eight notices all dated March 30, 1989, issued by the Deputy Commissioner of Income-tax and received by the petitioners on April 3, 1989. By the impugned notices the Revenue seeks to reopen the petitioners' assessment for the years 1974 to 1981. Though the notices mentioned that there is reason to believe that the petitioners income chargeable to tax for each of the aforesaid years had e....

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.... Premraj Hazarimal was paid interest. When questioned about this, the petitioners had initially denied having any transaction with the party. However, when the evidence pertaining to loans was pointed out to the petitioners and more particularly, they were confronted with the evidence of deduction of tax at source, the petitioners had nothing to say. That further in the course of search and seizur....

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....nt for the purpose of reopening the assessments. The advocate appearing for the Revenue states that after the passing of this order dated March 26, 2007, no further material has been produced before this court in compliance with the aforesaid order. 5. We are informed by the advocates that the case of the Revenue rests on the deposition of J. K. Banthia who has since expired. It has been brough....