2009 (3) TMI 512

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....002, the petitioner filed a return of income showing total income at Rs. nil. After scrutiny, assessment came to be framed under section 143(3) of the Income-tax Act, 1961 (the Act) determining the total income at Rs.2,80,96,870 on March 31, 2005. 3. Vide notice dated March 27, 2008, issued under section 148 of the Act, the respondent authority has initiated reassessment proceedings. The reasons recorded as supplied by the respondent authority vide communication dated May 5, 2008 read as under: "2. The reasons for reopening of assessment is as hereunder: Perusal of assessment records revealed that assessee had paid lease rent of Rs. 11,68,740 on gas cylinders in the relevant year. Whereas at the same time assessee had also sold its....

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....be entertained. That the impugned notice has been issued after obtaining approval from the higher authority as required by the provisions of the Act and thus, is within the period of limitation. Learned counsel therefore submitted that the petition be rejected directing the petitioner to avail of the statutory alternative remedy. 6. The position in law is well settled. Under section 147 of the Act, the Assessing Officer is empowered to reopen a completed assessment if the Assessing Officer has reason to believe that any income for a particular assessment year which is chargeable to tax for the said year has escaped assessment. The said section further provides that such power can be exercised within a period of four years from the end of....