LALITA ASHWIN JAIN Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) Challenging the notice of reopening for the A.Y 20062007 issued under Section 148 of the Incometax Act, 1961 ["the Act" for short] dated 28th March 2013, the present petition is preferred under Article 227 of the Constitution of India, in the following factual background.

(2.) The assessee is in the share trading business. For the year under consideration, the return of income was filed on 6th December 2006. Notice under section 143 (2) of the Act was issued by the respondent on 30th July 2007, which was replied to and the Assessing Officer, after making certain additions, passed original assessment order on 1st July 2008. The assessee's income was assessed at Rs. 1,51, 892/=.

(3.) The impugned notice came to be issued after four years from the end of the relevant assessment year under consideration for reassessing the income of the assessee. The Assessing Officer, on having reason to believe that the income of the petitioner has escaped the assessment on account of nondisclosure of all material facts truly and factually, has issued such a notice.