2016 (10) TMI 1364

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....dent : Mr.N.C. Mohanty ORDER P.C.: Heard. Rule. 2. This petition challenges the notice dated 21 March 2016 issued under Section 148 of the Income Tax Act, 1961 (the Act) seeking to reopen the assessment for Assessment Year 2011-12. In the subject assessment year, the return was processed under Section 143(1) of the Act. The reasons in support of the impugned notice reads as under : ....

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....ng of section 147 of the I.T. Act, 1961. In view of the above, I have reason to believe that the income to the extent of Rs.17,70,845/- chargeable to tax for A.Y.2011-12 has escaped assessment, as assessee has failed to disclose fully and truly all material facts necessary for its assessment in this case in terms of the provisions of section 147 of the I.T. Act." 3. The challenge in th....