VIJAYALAKSHMI OIL INDUSTRIES Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) M/s. Viyalakshmi Oil Industries, Mandipet, Tumkur, a registered partnership firm of partners, the petitioner before me which is engaged in the business of decorticating groundnut and manufacturing groundnut oil, is an assessee on the file of the Income-tax Officer, Tumkur (ITO).

(2.) FOR the assessment year 1978-79, relevant to the accounting year ending on March 31, 1978, the petitioner filed its return before the ITO, inter alia, disclosing the driage of groundnuts decorticated and oil produced by it. On an examination of the said return and the accounts produced by the assessee, the ITO completed his assessment on August 25, 1979 (annexure-A), under s. 143(3) of the I.T. Act of 1961 ("the Act").

(3.) SRI K. R. Prasad, learned counsel for the petitioner, strenuously contends that the notice issued by the ITO reopening the concluded assessment was only on a reappraisal of the material that had been produced and examined or on a mere change of opinion on the driage of groundnuts which is without jurisdiction and illegal.