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TMI Blog2007 (4) TMI 145X X X X Extracts X X X X X X X X Extracts X X X X ..... A. Nos. 353, 354, 355 and 356/Nag/1993, declining to refer thefollowing questions of law for the opinion of this Court. "1. Whether on the facts and in the circumstances of the case, the Income-tax Appellate Ttribunal was justified in affirming the order of the Commissioner of Income-Tax (Appeal) in canceling the penalty levied by the Assessing Officer under Section 271(1)(c) of the Act ? 2. Whether on the facts and in the circumstances of the case, the ITAT was justified in holding that the exercise books found in the possession of the assessee, though they are not books of account but in strickest sense of the terms, they are books of account ? 3. Whether on the facts and in the circumstances of the case, the ITAT was justified in hol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in holding that none of the explanations to Section 271(1)(c) of the Act are applicable to the facts of this case ?" 2. The assessment years involved herein are assessment year 1982-83 to 1985-86. 3. On 29th/30th August, 1985 there was a search action carried out in the residential premises of the assessee and his sons, as also the business premises of M/s. Patel Saw Mills and Patel Timber Industries at Chandrapur. During the course of search, various incriminating documents were found at the residential premises of the assessee as well as the business premises of M/s. Patel Timber Industries and Patel Saw Mills, Chandrapur. It was also noticed that the assessee has made huge investments by lending money on promissory notes, constructi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ). Since the reference application filed by the Revenue under section 256(1) of the Act was rejected by the Tribunal, the Revenue has filed these applications under section 256(2) of the Act. 5. In all these cases, it is not in dispute that the returns wee not filed by the assessee prior to the date of search. During the course of search a exercise book was seized, wherein it was noticed that the assessee had made investment in promissory notes and also in construction of house. Mr. Thakkar, the learned counsel appearing on behalf of the assessee/respondent, relied upon the decision of the Hon'ble Apex Court in the case of CBI v. V.C. Shukla AIR 1998 SC 1406 and submitted that the note books seized during the course of search was books of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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