SELECT VACATIONS PVT LTD Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) The petitioner has impugned the re-assessment notice dated 29th March, 2012 issued under Section 148 of the Income Tax Act, 1961 (Act, for short). The notice relates to the assessment year 2006-07.

(2.) The reasons recorded by the Assessing Officer for issue of notice as postulated and required by Section 147 read with Section 151 of the Act read as under:-

(3.) The petitioner after receipt of the reasons to believe had filed written objections to the initiation of the re-assessment proceedings in terms of the decision of the Supreme Court in GKN Driveshafts India Ltd. vs. ITO, 2003 259 ITR 19 . The said objections have been disposed of by the impugned order dated 14th November, 2012 recording:-