IMC LTD Vs. JOINT COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) The subject matter of challenge in this writ petition comprises two several notices both dated February 12, 1999, issued under Section 10 of the Interest-tax Act, 1974, seeking to reopen the assessment of income for the assessment years 1993-94 and 1994-95 on the ground that the Joint Commissioner of Income-tax has reasons to believe that income from interest chargeable to tax for the aforesaid years escaped assessment within the meaning of Section 10 of the Interest-tax Act, 1974. The facts of the case briefly stated are as follows : Income for the assessment year 1993-94 was assessed by Sri S. K. Biswas, Deputy Commissioner of Income-tax, under Section 143(3) of the Income-tax Act, 1961, on March 19, 1996, holding, inter alia, as follows :

(2.) The income for the assessment year 1994-95 was assessed by Sri P. D. Meena, Deputy Commissioner of Income-tax, on September 11, 1996, holding, inter alia, as follows :

(3.) After completion of regular assessment under Section 143(3) of the Income-tax Act, 1961, for the aforesaid years Sri S. R. Sikdar, Joint Commissioner of Income-tax, issued the impugned notices under Section 10 of the Interest-tax Act, 1974. It is significant that within ten days thereafter the self-same Mr. Sikdar assessed the income of the petitioner for the assessment year 1996-97 under Section 143(3) of the Income-tax Act holding, inter alia, as follows :