T.K.Basu, J. - (1.) In this application, the petitioner, Manik Chand Nahata, challenges a notice under Section 148 of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), in respect of the assessment year 1949-50. It appears that two notices in identical terms for the same assessment year had been issued, one on the 5th March, 1966, and the other on the 8th March, 1966.
(2.) At the time, the rule nisi was obtained, no reasons had been disclosed by the Income-tax Officer in respect of the impugned notices. The original petition contains the usual grounds of challenge stating that the conditions precedent to the exercise of power under Section 147 read with Section 148 of the Act had not been satisfied.
(3.) In the affidavit-in-opposition affirmed by Sebabrata Saha, the Income-tax Officer, "K" Ward, District III(2), Calcutta, and affirmed on the 28th July, 1966, it is stated that the proceedings for reassessment for the assessment year 1949-50 was started against the petitioner on receipt of certain informations. Information was received that a sum of Rs. 72,513-7-6 was standing in the name of Sri Manik Chand Nahata in the books of account of Messrs. Hanutmull Budhmall. It is further stated that the assessee was summoned under Section 37 of the Income-tax Act, 1922, and thereafter, under Section 131 of the Act. According to the affidavit certain contradictions were found in the different statements made by the assessee. Paragraph 2 of the affidavit further proceeds to state as follows: "In view of these facts On the basis of the material in my possession I had reason to believe and I bona fide believe that due to the failure and/or omission on the part of the assessee to file the return and disclose all material facts relevant for the assessment, the income of the petitioner has escaped assessment and/or has been under-assessed and as such proceedings under Section 147(a) of the Income-tax Act, 1961, have been initiated and notice under Section 148 of the Income-tax Act was duly served after fulfiling all conditions precedent.";