Dilip B. Bhosale, J.

1. These three appeals are arising from two orders passed by the Income Tax Appellate Tribunal in three appeals, filed by one and the same assessee. The assessment year in ITA 59/2007 is 1999-2000; in ITA No.488/2007:2000-2001 and in ITA No.489/2007:2001-2002. The order of the Tribunal, impugned in ITA No.59/2007, is dated 16.06.2006 whereas, the order passed by the Tribunal in the appeals, from which, ITA Nos.488/2007 and 489/2007 arise is dated 31.01.2007. The facts and circumstances involved in three appeals and the substantial questions of law raised therein are similar.

2. For the sake of convenience, we would refer to the facts in ITA No.59/2007. Before we narrate the facts, it would be necessary to reproduce the question of law that was formulated at the time of admission of the appeal for consideration, which read thus:-

"Whether the findings of the Income Tax Appellate Tribunal that the income of Rs.1,33,45,000/- received by the assessee cannot be treated as revenue receipt is perverse, arbitrary and contrary to law?

The amount reflected in the question is for the assessment year 2000-2001. Insofar as the assessment year 1999-2000 is concerned, the