- (1.) HEARD Mr. Dastur in support of this petition. Mr. Kotangale appears for the respondents.
(2.) RULE, returnable forthwith. Reply is already filed. Mr. Kontangale waives service.
(3.) THE petitioner herein is a Public Limited company engaged in the business of running a petroleum refinery at Mangalore. The petitioner has been constrained to challenge the order dated 29th March 2004 passed by the Assistant commissioner of Income Tax Range 3 (2), Mumbai, issuing a notice of reopening the assessment of income of the petitioner under Section 148 of the income Tax Act, 1961 for the assessment done for the year 1998-99. According to the Commissioner, interest of Rs. 8,28,73,625/- remained to be added back while arriving at the book profit under section 115ja of the Income Tax Act. However, it is not a case of the petitioner not disclosing the relevant information at the earlier occasion when the assessment was done. The relevant part of reasons enclosed therewith reads as follows:- "on perusal of records, it is noticed that the Income Tax interest of rs. 8,28,73,625/- debited to Profit and Loss a/c remains to be added back while arriving at Book Profit u/s. 115ja. I have therefore reason to believe that the income has escaped assessment to the extent 30% of Rs. 8,28,73,625/- being rs. 2,48,62,082/ -. Since the period of 4 years has lapsed from the end of the relevant assessment year, the sanction of cit is required by virtue of Proviso to sec. 151 (1) before the issuance of notice u/s. 148 of the I. T. Act. The proposal in proforma is placed along side for kind sanction. ";