Punjab & Haryana H.C : He has reason to believe that income for the asst. yr. 1995-96 had escaped assessment within the meaning of s. 147 of the IT Act

High Court Of Punjab & Haryana

Kapur Sons Steels (P) Ltd. vs. Assistant Commissioner Of Income Tax & Anr.

Section 147, 148, Art. 226

N.K. Sodhi & Hemant Gupta, JJ.

Civil Writ Petn. No. 16087 of 2002

4th September, 2003

Counsel Appeared :

P.C. Jain & Pankaj Jain, for the Petitioner : N.L. Sharda, for the Respondents

JUDGMENT

N.K. sodhi, J. :

The challenge in this writ petition is to the notice dt. 22nd March, 2002, issued by the Asstt. CIT, Sangrur, under s. 148 of the IT Act, 1961, informing the petitioner that he has reason to believe that income for the asst. yr. 1995-96 had escaped assessment within the meaning of s. 147 of the IT Act. On receipt of the notice, the petitioner has filed its return under s. 142 of the IT Act.

In view of the law laid down by the Supreme Court in GKN Driveshafts (India) Ltd. vs. ITO & Ors. (2003) 179 CTR (SC) 11 : (2003) 259 ITR 19 (SC), the proper course for the petitioner is to file its objections before the assessing authority who will decide the same by passing a speaking order. The present petition under Art. 226 of the Constitution is misconceived at this stage. Consequently, the same is dismissed.

We, however, make it clear that it will be open to the petitioner to raise all the pleas that are available to it before the competent authority who will decide the same in accordance with law.

[Citation : 266 ITR 478]

Malcare WordPress Security