2013 (4) TMI 189

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....,R. K. Upadhyay   ORDER 1. Heard Sri Vidya Bhushan Upadhya, counsel for the petitioner and Sri R.K. Upadhyay, Senior Standing Counsel, for the Revenue. 2. The aforementioned writ petition has been filed for quashing the notice dated 02.08.2004 issued by Assistant Commissioner of Income-tax-IV, Kanpur (respondent-1) under Section 148 of the Income Tax Act, 1961 (hereinafter referre....

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....ssing Officer (respondent-1) issued notice 02.08.2004 under Section 148 of the Act for re-assessment, on the ground that income of the petitioner has been escaped assessment for the Assessment Year 1999-2000. The petitioner, by letter dated 21.08.2004, requested that the original return of the petitioner be treated as a return in compliance of the notice dated 02.08.2004. Thereafter, the petitione....

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....Explanation to Section 73 of the Act is not applicable to the petitioner and no assessment was made under Section 143 (1) of the Act as such Section 147 will not apply and notices are null and void. 4. In the Counter Affidavit filed on behalf of the respondents, it has been stated that the petitioner was an investment company. Main business of the petitioner was to earn income from interest on ....

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....s from sale and purchase of the share in the profits of the business of the company from loans and advances. As the controversy involved in this writ petition has already been decided by this Court between the parties for another assessment year and it has been held that the petitioner is entitled to set off the losses from sale and purchase of the share in the profits of the business of the compa....