TANNA BUILDERS (P) LTD Vs. NEELA KRISHNAN

JUDGEMENT

(1.) This petition is directed against the validity of the notice dt. 4th Nov., 1991 issued by the respondent No. 1 u/s. 148 of the IT Act, 1961 ('the Act' for short). Factual Matrix

(2.) The factual matrix reveal that the petitioner had filed its return for the asst. yr. 1985-86 on 28th June, 1985, of which the relevant previous year ended on 31st Dec., 1984.

(3.) During the course of the assessment proceedings, the respondent No. 1 was noticed by the ITO and after full satisfaction with the explanation furnished by the petitioner, the order of assessment came to be passed on 28th Jan., 1988. The assessment was thus completed by the respondent No. 1 u/s. 143(3) of the Act. The petitioner's negative income for the asst. yr. 1985-86 was assessed at Rs. 91,157.