- (1.) Both the Writ Petitions relate to the same assessee, arising out of proceedings-for re-assessment under the provisions of Income Tax Act, 1961 (hereinafter referred to as the Income Tax Act) and the Wealth Tax Act, 1957 (hereinafter referred to as the Wealth Tax Act). Since the reasons for reopening the assessment under both the statutes is the same. both the Writ Petitions are being disposed of together by a common order.
(2.) The petitioner-assessee (hereinafter referred to as the assessee) is assessed under the provisions of Income Tax Act as also the Wealth Tax Act.
(3.) Writ Petition No. 667 of 2001 arises out of the proceedings under Income Tax Act. The assessment year in question is 1990-91. The petitioner filed his return disclosing total income of Rs. 50.770/-. An assessment order was passed under Section 143(1)(a) of the Income Tax Act on 7-2-1995. Subsequently a notice was issued on 15-3-2001. under Section 148 of the Income Tax Act for reopening the assessment of the assessment year 199.0-91. Upon request by the assessee the reasons for initiation of such proceedings was supplied by the Assessing Officer, in which it was mentioned that as the assessee had shown wealth of Rs. 46.000.00/- in the Solvency Certificate filed before the District Magistrate, as against the total wealth of Rs. 82,760/- disclosed in his wealth tax returns, it was found that the assessee had made investment of Rs. 45,17,240/- out of his income from undisclosed sources and therefore this amount of income which was chargeable to tax had escaped assessment. The assessee prayed for quashing of the notice dated 15.3.2001 under Section 148 of the Income Tax Act in Writ Petition No. 667 of 2001.;