MGM EXPORTS Vs. DEPUTY COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) On 16-2-2009 notice for final disposal had been issued and accordingly the petition is taken up for final hearing and disposal today. Rule. Learned Counsel for the respondent is directed to waive service.

(2.) The facts in brief are that for assessment year 2001-02 against the returned income of Rs. 28,79,998, the petitioner was assessed on a total income of Rs. 93,20,410 under Section 143(3) of the Income Tax Act, 1961 (the Act) on 15-3-2004. The matter was carried in appeal before Commissioner (Appeals) and thereafter before the Income Tax Appellate Tribunal (the Tribunal). The Tribunal, by order dated 27-2-2006, remanded the matter back to the assessing officer to decide the issues afresh after considering the amendments as per Taxation Laws (Amendment) Act, 2005. Accordingly, fresh assessment was framed on 28-9-2006 under Section 143(3) read with Section 254 of the Act on a total income of Rs. 28,80,000.

(3.) On 3-3-2008 the respondent authority issued notice under Section 148 of the Act proposing to reopen the completed assessment. Vide communication dated 8-3-2008 the petitioner requested the respondent to treat the original return of income as return of income filed in response to notice under Section 148 of the Act and also asked for a copy of the reasons recorded by the respondent. On 21-10-2008 the respondent supplied the copy of the reasons recorded for reopening. In light of the view that the court is inclined to adopt, it is not necessary to reproduce either the reasons recorded or the respective stand of the parties on merits of the controversy. Suffice it to state that upon receipt of the reasons recorded the petitioner preferred objections, both on jurisdiction and on merits, vide communication dated 11-12-2008. The respondent passed the impugned reassessment order dated 16-12-2008. It is the notice dated 3-3-2008 issued under Section 148 of the Act and the reassessment order dated 16-12-2008 which are under challenge in the present proceedings.