2004 (3) TMI 33

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.... J. - What is challenged in this petition under article 226 of the Constitution is the notice for reassessment of the petitioner-company's wealth for the assessment year 1997-98 under section 17 of the Wealth-tax Act, 1957 (hereinafter referred to as "the WT Act"), read with the reasons as contained in the communication dated January 28, 2004 (annexure "IV, pages 25-27). Although the challenge t....

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....when a notice under section 148 of the Income-tax Act is issued, the proper course of action for the noticee is to file the return and if he so desires, to seek reasons for issuing the notices. The Assessing Officer is bound to furnish reasons within a reasonable time. On receipt of reasons, the noticee is entitled to file objections to issuance of notice and the Assessing Officer is bound to disp....

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....or reassessment and pass a speaking order. Until such speaking order is passed, obviously the Assessing Officer cannot undertake reassessment. Hence, it is only after the Assessing Officer passes a speaking order deciding the petitioner's preliminary objections against the notice for reassessment that any cause of action would arise for the petitioner. In view of the above observations, this peti....