2003 (10) TMI 15

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ssment of all these concerns for the assessment years 1996-97 to 2001-02 under the Income-tax Act, 1961 (for short "the Act"), were completed. While accepting the returns processed under section 143(1) of the Act, no proceedings were initiated as contemplated under section 143(2) of the Act. However, in March, 2003, the petitioners have been served with notices under section 148 of the Income-tax ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....fficer for furnishing the reasons for the issuance of notice under section 148 of the said Act. Pursuant to the said request, the Assessing Officer, it is stated, has furnished the reasons for issuing the notice. The petitioners have extracted the said reasons in page Nos. 11 and 12 of W.P. (C) No. 31976 of 2003. Sri V. Ramachandran, learned senior counsel appearing for the petitioners, submits....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e 226 of the Constitution of India. Senior counsel, in support, relied on the decisions of the Supreme Court including the latest decision in G.K.N. Driveshafts (India) Ltd. v. ITO [2003] 259 ITR 19. I have also heard Sri P.K.R. Menon, Senior Counsel (Government of India) Taxes, appearing for the respondent. The senior counsel also took me to the decision of the Supreme Court in GKN's case [200....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....se of the same by passing a speaking order. In the instant case, as the reasons have been disclosed in these proceedings, the Assessing Officer has to dispose of the objections, if filed, by passing a speaking order, before proceeding with the assessment in respect of the above said five assessment years." In the light of the above decision, now that the assessing authority has furnished the re....