2004 (9) TMI 98

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.... "March 8, 2000 Shri H.C. Sarda, learned counsel for the appellant. Heard on admission. Admit. Issue notice to other side on payment of P.F. within a week. R. D. Vyas, J. Shambhoo Singh, J." Under section 260A of the Act, the appeal can be admitted for final hearing only when it involves any substantial question of law. Sub-section (3) then obliges the High Court to formulate the substantial question of law which, in the opinion of the High Court, is involved. Sub-section (4) then empowers the High Court to hear and decide the appeal only on the question so formulated. The proviso to sub-section (4) enables the High Court to decide the appeal, on the reasons to be recorded, on that question not initially framed provided t....

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....pellant (assessee) in this matter was, whether, the Assessing Officer erred in making assessment of the assessee under section 158BC of the Act when there was no search on the assessee under section 132 of the Act, nor any panchnama was prepared? It is not in dispute that there was a raid at the residence of the parents of the assessee on November 21, 1995. It is also not in dispute that the assessee lives in the same house. It is in this search operation that was carried out by the income-tax sleuths, that certain shares were recovered. According to the assessee, some shares belong to him out of the total lot recovered. The appellant was assessed under section 158BC read with section 143 of the Act for the block period from the assessme....

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....iction over such other person and in such cases the Assessing Officer who has jurisdiction will proceed against such other person by issuing the requisite notice contemplated by section 158BC of the Act." After placing reliance on the aforesaid principle of law, the Tribunal recorded the following finding in favour of the Revenue: "The above interpretation and enunciation of the principles of law embedded in section 158BD amply suggests that the action of the Assessing Officer in issuing a notice under section 158BC and framing the assessment under the said section is in accordance with the law and perfectly valid. The various decisions relied upon by the learned counsel for the assessee to assail the issue of notice to the assessee u....