2005 (11) TMI 41

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.... has been constrained to challenge the order dated March 29, 2004 passed by the Assistant Commissioner of Income-tax, Range 3(2), Mumbai, issuing a notice of reopening the assessment of income of the petitioner under section 148 of the Income-tax Act, 1961 for the assessment done for the year 1998-99. According to the Commissioner, interest of Rs. 8,28,73,625 remained to be added back while arriving at the book profit under section 115JA of the Income-tax Act. However, it is not a case of the petitioner not disclosing the relevant information at the earlier occasion when the assessment was done. The relevant part of reasons enclosed therewith reads as follows: "On a perusal of the records, it is noticed that the Income-tax interest of Rs....

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....while after reopening the matter. Mr. Dastur, learned counsel appearing for the petitioner, submits that in view of the fact that the matter was pending before the High Power Committee, the authorities concerned were not expected to reopen the matter and pass the order in the manner in which they have passed it. In this behalf, he relied upon paragraph 6 of the order of the apex court in the case of Oil and Natural Gas Commission v. Collector of Central Excise reported in [1994] 116 CTR (SC) 643. That apart, Mr. Dastur submitted that under the proviso to section 147 of the Income-tax Act, income escaping assessment can be looked into afresh only up to four years. An action can be taken after the expiry of four years, provided there is....