- (1.) The petitioner has sought to question the legality of a notice dated 15.3.2007 issued by the Assessing Officer under section 148 of the Income Tax Act, 1961 (for short 'the Act') seeking to re-open assessment for A.Y.2000-01. There is also a challenge to the order of the Assessing Officer disposing of the objections raised by the petitioner to the re-opening of the assessment. As the reopening pertains to the A.Y.2000-01 the impugned notice is admittedly issued beyond a period of four years from the end of the relevant Assessment year.
(2.) For the Assessment Year 2000-01 the petitioner filed a return of income on 30.11.2000 declaring a total income of Rs.2,15,82,750/-. An order of assessment was made on 27.1.2003 under section 143 (3) of the Act by which the total income was determined at Rs.2,56,02,060/- after making certain disallowances. One of the partial dis-allowances was a deduction under section 33AC of the Act which was claimed by the petitioner on the ground that the petitioner is engaged in the business of 'Operation of Ships.' On this count the petitioner had interalia claimed a deduction of Rs.2,1594,598/- however the Assessing officer allowed the same to an extent of Rs. 1,82, 28,205/- only.
(3.) The Assessing Officer issued to the Petitioner a notice dated 15.3.2007 under section 148 of the Act seeking to re-open the assessment for A.Y.2000-01 on the ground that the income had escaped assessment within the meaning of section 147 of the Act. The notice recorded that it was issued after obtaining necessary satisfaction of the Commissioner of Income Tax. The petitioner by its letter dated 17.4.2007 informed the Assessing Officer that the return dated 30.11.2000 filed by the petitioner for A.Y.2000-01 be treated to be a return filed in response to the notice issued under section 148 of the Act. The petitioner also demanded reasons for re-opening of the assessment.;