CAPRIHANS INDIA LIMITED Vs. PRAKASH CHANDRA

JUDGEMENT

(1.) RULE returnable forthwith. By consent of the parties, rule is taken up for final hearing.

(2.) IN this petition, Petitioners challenge the notice dated 31 1 2001 for reopening of the assessment issued under Section 148 of the Income Tax Act, 1961 (in short 'Act') January, 2001.

(3.) THE Petitioner is engaged in the business of manufacturing P.V.C. sheeting, decorative laminates, extruded sheets, etc. In the course of its manufacturing operations, Petitioner imports certain raw materials on which it incurs a liability to pay the customs duty. The goods manufactured out of the imported raw materials are liable to excise duty.