BLB LTD. Vs. ASSISTANT COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) The petitioner BLB Ltd. has filed the present writ petition impugning notice under Section 148 dated 01.02.2010 and the order dated 16.9.2010 passed by the Assessing Officer dismissing their objections to the re-opening.

(2.) Reasons given for re-opening of the assessment for assessment year 2003-04 under Section 147/148 of the Income Tax Act, 1961 (Act, for short) are as under:-

(3.) As is noticeable from the reasons noted above, the return for the assessment year 2003-04 was filed by the assessee-petitioner on 31.10.2003 declaring income of Rs.2,24,47,176/- under the provisions of Section 115JB. The case was taken up for scrutiny and an assessment order under Section 143(3) of the Act was passed on 30.01.2006. Income was assessed at Rs.2,24,47,176/- .