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AUGUST 17, 2011 Section 147, read with section 149, of the Income-tax Act, 1961 - Income escaping assessment - General - Assessment year 1995-96 - An individual having no control over source or destination of funds passing through his hands, he must be treated as benamidar of concerned person [In favour of revenue] CASES REFERRED TO Bhim Singh v. Kan Singh [1980] AIR 1980 SC 727. Jaideep Narain Mathur and Udai Bajaj for the Appellant. D.D. Chopra for the Respondent. JUDGMENT Dr. Satish Chandra, J. - This appeal is filed by the assessee under section 260A of the Income-tax Act, 1961, against the judgment and order dated August 25, 2006, passed by the Income-tax Appellate Tribunal, Lucknow, in I.T.A. No. 285/Luc/04 for the assessment year 1995-96. 2. This court, vide order dated January 3, 2007, has admitted the appeal on the following substantial questions of law : "A. Whether the second notice for reassessment dated March 28, 2002, under section 148 of the Income-tax Act could have been issued after four years from the relevant assessment year, i.e., 1995-96 had expired as provided under section 149 of the Income-tax Act ? Q. Whether the income of Sri P.K. Mitra can be clubbed with the income of the appellant-firm even though the conditions prescribed under the provisions of Chapter V of the Income-tax Act are not established or fulfilled ? I. Whether the Income-tax Appellate Tribunal, the Commissioner of Income-tax (Appeals)-I and the Assessing Officer could have passed orders dated August 25, 2004, and March 28, 2003, relying on Shri Kuldeep Mehra's statement which was given during the assessment proceedings of Sri P.K. Mitra and not during the assessment proceedings of the appellant-firm ?. K. Whether both the appellant-firm and Sri P.K. Mitra can be substantively assessed for the consideration paid to Sri P.K. Mitra for the sale of flats in the assessment year 1995-96 ?" 3. The brief facts of the case are that the assessee-appellant is a partnership firm, engaged in the business of construction, development and sale of buildings. The partners of the appellant-firm are Sri Mool Raj and Smt.Asha who have equal share in the profit or loss of the firm. The firm…

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