B.M. Kothari, A.M. - This appeal by the assessee is directed against the assessment made under section 158BC read with section 158BD of the IT Act, 1961, (‘the Act’) for the block assessment period 1st April, 1985 to 10th Oct., 1995.

The assessee has raised the following grounds in this appeal :

1. On the facts and circumstances prevailing in the case and as per provision of law, it be held that invoking provisions of section 158BD is bad in law. It further be held that the case of the appellant is not covered by provisions of Chapter XIV-B of the Act. The order passed by the Assessing Officer in terms of provisions of section 158BC read with section 158BD is without jurisdiction and is vitiated. The order passed by the Assessing Officer be declared as null and void and not tenable in law.

2. Without prejudice to ground No. 1 and assuming without admitting that the case of the appellant is covered by mischief of provisions of Chapter XIV-B and Assessing Officer is within his right to proceed with the assessment in terms of provisions of the said. Chapter, on facts and circumstances of the case and as per provisions of law, it be held that the Assessing Officer erred in consideri