2001 (2) TMI 100

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....etition filed under articles 226 and 227 of the Constitution of India is whether notice issued under section 148 of the Income-tax Act, 1961 (annexure XIV), dated March 30, 1993, for the assessment year 1988-89 by the Assistant Commissioner of Income-tax, Circle-I, Ujjain, is legal or not ? The challenge to the impugned notice issued under section 148 of the Income-tax Act for reassessment for the....

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....31, 1988, vide valuation report F. No. VO/Ind Inv/225/9293, dated October 21, 1992. Thus, there is a clear cut vast difference in the value shown and the value estimated by the Departmental Valuation Officer. Thus, I have reason to believe that there is escapement of income. Issue notice under section 148 of the Income-tax Act, 1961, for the assessment year 1988-89. (Asst. Commissioner of Incom....

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....st difference between the valuation of properties disclosed by the petitioner and that of the report submitted by the Valuation Officer to whom the matter of valuation of the petitioner's property was referred. Even the objection filed by the petitioner to the valuation report has been rejected. The petitioner has already filed the return pursuant to the impugned notice and hence the same has to b....