- (1.) By means of the present writ petition the petitioner is challenging the validity of the notices dated March 20, 2003, issued under Section 148 of the Income-tax Act, 1961 (called "the Act" for short) for the assessment years 1996-97 and 1997-98.
(2.) The brief facts giving rise to the present writ petition are that the petitioner is a partnership firm, having its place of business at Varanasi and engaged in the business of gold and silver ornaments. Apart from trading business the petitioner was also doing the job work. For the assessment year 1996-97, the petitioner filed the return on August 22, 1996. The return was initially processed under Section 143(1) (a) and, later on, the case was picked up for scrutiny in view of the search operation made under Section 132(1) of the Act, which was carried on at the premises on November 3, 1996. On examination of the books of account and other records the regular assessment order was passed on February 15, 1999. For the assessment year 1997-98, the return was filed on October 9, 1997. The said return was also originally processed under Section 143(1) (a) of the Act and thereafter the case was picked up for scrutiny and, later on, regular assessment order was passed under Section 143(3) on December 29, 1999, after scrutiny of the books of account and other documents.
(3.) On the basis of various seized documents, bullion, jewellery, etc., the block assessment was made on November 27, 1997, under Section 158BC of the Act for the period commencing from April 1, 1987, to November 3, 1996, relevant to the assessment years 1987-88 to 1997-98 (part) and undisclosed income was determined at Rs. 29,92,950 for the assessment years 1996-97 and 1997-98 (part). Against the block assessment order dated November 27, 1997, the petitioner preferred an appeal before the Income-tax Appellate Tribunal (called "the Tribunal" for brevity). The Tribunal, vide order dated August 29, 2002, allowed the appeal. According to learned Counsel for the petitioner, the order of the Tribunal has become final, inasmuch as no appeal has been filed against the said order.;