CITIBANK N A Vs. S K OJHA

JUDGEMENT

(1.) HEARD both sides at length. Perused the petition, affidavit -in -reply and the rejoinder tendered today in Court on behalf of the petitioner.

(2.) THE petitioner by this petition filed under Art. 226 of the Constitution of India is praying to quash and set aside the notice dt. 27th March, 2000, issued by respondent No. 1 under S. 148 of the IT Act, 1961. The said notice alleges that income chargeable to tax for the asst. year 1991 -92 had escaped assessment within the meaning of S. 147 of the IT Act, 1961.

(3.) AFFIDAVIT -in -reply has been filed by the Revenue pointing out the reasons for reopening the assessment. It is stated that the reasons came to be recorded and the CIT, Mumbai City -Ill, Mumbai, has granted sanction under S. 151 of the IT Act. Those reasons are annexed and relied upon. It has been pointed out that the statutory requirements are complied with in issuing the said notice. It is denied that there was true and full disclosure and there was reason to believe for respondent No. 1 that income has escaped assessment.