JUDGMENT

S.B. SINHA, J :

1. Leave granted.

2. Interpretation of the provision Section 158BC of the Income Tax Act, 1961 (for short, the Act) is in question in these appeals which arise out of judgments and orders dated 28.09.2004 and 14.03.2005 passed by a Division Bench of the Indore Bench of the Madhya Pradesh High Court in I.T.A. Nos. 60 and 105 of 1999.

3. Before embarking on legal issues, we may notice the fact of matter from Civil Appeal arising out of Special Leave Petition (Civil) NO.9751 of 2005.

4. The assessee M/s Indore Construction Company (Pvt.) Ltd. (for short, the Company) is a company registered and incorporated under the Companies Act, 1956 (for short, the Act). One Shri Rameshwar Maheshwari is of one of its Directors. Shri Maheshwari, apart from being a Director of the said Company, is also a tax consultant.

A search was conducted, as contemplated under Section 132 of the Act, in the premises of the said Maheshwari and his wife Smt. Lalita Oevi on 21.11.1995. Several incriminating documents relating to the business of the Company were seized. A proceeding was initiated against the Company purported to be under Section 158BC of the Act. The order of assessment was passe