PANCHARATNA CEMENT PVT LTD Vs. UNION OF INDIA

JUDGEMENT

(1.) BY the challenge laid in the instant proceeding, the petitioner seeks to abrogate the process of re-assessment sought to be initiated by the impugned notice dated 13. 9. 2007 issued by the Deputy Commissioner of Income Tax, Circle, Jorhat under Section 148 of the Income Tax Act, 1961 and the steps consequential thereto. By order dated 29. 8. 2008 this Court while issuing notice had, in the interim, interdicted the exercise proposed.

(2.) I have heard Mr. G. N. Sahewalla, Senior Advocate assisted by Mr. D. Senapati, Advocate for the petitioner and Mr. U. Bhuyan, learned counsel for the Revenue.

(3.) THE Assistant Commissioner of Income Tax, Circle Jorhat subsequent thereto, issued a notice dated 29. 4. 2005 under Section 143 (2) of the Act followed by a letter dated 6. 7. 2005 requiring the petitioner to furnish informations and particulars as referred to therein. Thereby the petitioner was, inter alia, asked to furnish the basis with evidence for claiming the deductions under Section 80ic of the Act. By letter dated 22. 8. 2005 the same authority also solicited the clarifications from the petitioner regarding its claim for the aforesaid deductions. As sought for, the petitioner furnished the essential clarifications endorsing its claim for deductions under Section 80ic of the Act, whereafter the assessment order dated 17. 1. 2006 was passed by the Assistant Commissioner of Income Tax, Circle Jorhat thereby allowing the petitioner's claim for deductions under the aforementioned provision of law in respect of the transport subsidy and insurance subsidy only.