3I INFOTECH LIMITED A COMPANY INCORPORATED UNDER THE COMPANIES ACT, 1956 Vs. ASSISTANT COMMISSIONER OF INCOME TAX,

JUDGEMENT

(1.) Rule. With the consent of Counsel, rule is made returnable forthwith. By consent of Counsel for both the parties, the petition is taken up for hearing and final disposal.

(2.) The dispute in these proceedings arises out of a notice issued by the first respondent on 18 March 2009 by which an assessment for assessment year 2002-2003 is sought to be re-opened in pursuance of the provisions of Section 147 of the Income Tax Act, 1961. The notice for reopening the assessment is beyond a period of four years from the end of the relevant assessment year.

(3.) The assessee filed a return of income for assessment year 2002-2003 on 30 October 2002 declaring a loss of Rs. 46.96 lakhs and computed tax under Section 115JB of Rs. 1.94 crores. An order of assessment was passed on 7 March 2005 under Section 143(3). On 18 March 2009, the Assessing Officer issued a notice under Section 148. The reasons on the basis of which the assessment is sought to be re-opened are stated in the notice and are as follows: