WALDIES LTD Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) This is an application in the nature of a writ petition challenging" the order of reassessment under Section 147 of the Income-tax Act, 1961, prior to the coming into force of the latest amendment of this Act. The provisions of Section 147 of the said Act are as follows :

(2.) Under Section 148(2) of the said Act, the Income-tax Officer shall, before issuing any notice under this section, record his reasons for doing so. This part of the aforesaid section is making room for the purpose of the applicability of Section 147 as aforesaid on account of issue of notice where income has escaped assessment.

(3.) The petitioner has made out a case that neither there is a reason of omission or failure on the part of the assessee to make a return for the relevant assessment year to the Income-tax Officer nor income chargeable to tax has escaped assessment for that year.