2006 (8) TMI 146

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..... DEVADHAR J.-This petition is filed to challenge tile notice dated December 5, 1996, issued under section 148 of the Income-tax Act, 1961 ("the Act" for short). By the said notice, the Assessing Officer has sought to reopen the assessment for the assessment year 1992-93. The petitioner is a public limited company engaged in the business of investments. For the assessment year 1992-93 the pe....

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....1992-93 to bring to tax the capital gains in this year. Issue notice under section 148 as I have reason to believe that the income chargeable to tax has escaped assessment." Thus, the notice under section 148 of the Act seeking to reopen the assessment for the assessment year 1992-93 has been issued based on the information contained in the assessment year 1993-94. Mr. Mehta, learned counsel....

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....considered in this petition is whether the reopening of the assessment for the assessment year 1992-93 is justified or not. Admittedly, in the assessment order for the assessment year 1993-94 the Assessing Officer has held that the sale of shares as per the agreement dated January 3, 1992, took place on January 3, 1992, itself and the capital gains in respect thereof are leviable in the assessment....

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....essee to place all the materials before the Assessing Officer to establish that the liability to capital gains tax, if any arose in the assessment year 1993-94 and not in the assessment year 1992-93. It will be open to the Assessing Officer to pass appropriate order on the merits after hearing the petitioner. The fact that the assessment order for the assessment year 1993-94 is pending before the ....