1997 (11) TMI 76

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....e dated October 13, 1997, issued by respondent No. 5. The grievance of the writ petitioners is that petitioner No. 1 furnished its return of income for preceding assessment year 1994-95 showing a taxable income of Rs. 82,980 and the same was assessed under section 143(1)(a) of the Income-tax Act on a taxable income of Rs. 82,980. In the assessment year 1995-96, the assessee furnished a return o....

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....ny under section 143(3) of the Income-tax Act, are being satisfied by petitioner No. 1. The petitioners reasonably expected that the assessment of the petitioner's firm should be completed in terms of the said circulars and/or guidelines for the assessment year 1995-96 as per return submitted by it and not under section 143(3) of the Income-tax Act. The petitioners further submitted that despit....

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....ereafter, the assessment was completed under section 143(3) for the assessment year 1995-96. Thereafter, the petitioner duly filed an appeal before the Commissioner of Income-tax (Appeals) V, Calcutta, respondent No. 5. The main grievance of the petitioner was that respondent No. 7, Assessing Officer, Income-tax, Circle 8(1), Calcutta, wrongly computed that petitioners have suppressed a total sale....

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....ve any right to proceed under section 143(3) of the said Act. Dr. Pal also tried to convince this court by citing Navnit Lal C. Javeri v. K. K. Sen, AAC of I.T. [1965] 56 ITR 198 (SC), K P. Varghese v. ITO [1981] 131 ITR 597 (SC) and Raza Textiles Ltd. v. ITO [1973] 87 ITR 539 (SC) in support of his contention. Mr. Shome, appearing on behalf of the respondents, submitted that the writ petitione....