2002 (12) TMI 52

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....Pharmaceuticals and during such search some documents pertaining to the assessee were seized and notices were sent to all the partners of the aforesaid firm to produce books of account and to furnish information and explanation on various points but there was no compliance and in view of the failure by the assessee accused to comply with the notice under section 158BC read with section 158BD and under section 142(1) of the Income-tax Act, the assessment under section 144 of the Income-tax Act was made and the amount of tax payable by the firm was determined at Rs. 2,42,31,471. The further case of the petitioner is that during the assessment proceedings of the firm for the block period 1987 88 to 1997-98 it came to light that the firm claime....

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....arty misrepresented the facts that the assessment order in respect of the firm in appeal has been set aside but the fact is that the assessment order of the firm of opposite party for the block period comprising of the assessment years 1987-88 to 1997-98 which formed the basis of the complaint petition is still valid and has not been cancelled or modified by any income-tax authority or by the Income-tax Appellate Tribunal or any court of law (annexure 4). A prayer has been made for cancellation of bail granted to the opposite party by this court on April 30, 2001. The opposite party has appeared and has filed counter affidavit opposing the prayer of the petitioner. According to the opposite party, the appeal against the order for the blo....

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....arty for the year 1996-97 in appeal has been set aside after observing that the Assessing Officer has stated that Shri Gauri Shankar Prasad, the father of the opposite party, is a major accused in cases registered by the Central Bureau of Investigation in connection with misappropriation of funds of the Animal Husbandry Department, Government of Bihar, and the Assessing Officer has also stated that the undisclosed investments have been assessed substantively in the hands of Shri Gauri Shankar Prasad because he is one of the partners of the firm, therefore, the same investments have been assessed in the hands of the opposite party on protective basis. Considering this fact and the fact that the opposite party was said to be in jail custody s....