Suhas Chandra Sen, J. - (1.) In this writ petition, the petitioner has challenged the two notices under Section 154 of the Income-tax Act, 1961, both dated September 9, 1986, issued by the Inspecting Assistant Commissioner of Income-tax, Assessment Range-XI, Calcutta, for the assessment years 1980-81 and 1981-82.
(2.) The allegation in the notice is that : " Interest claimed for loans taken to set up new projects had been allowed by the Income-tax Officer when the new project was not commissioned during the previous year. Thus, interest had been allowed as a deduction at pre-commencement stage of the business/production of the new unit."
(3.) The case of the petitioner is that the petitioner is engaged in the business of generation and distribution of electricity. Its business is being carried on under a licence granted by the Government of West Bengal for a certain number of years. The generating stations are located at Mulajore, Cossipore, Metiabruze and Titagarh. In the course of its electric supply business, the petitioner decided to set up four power generating units of 60 M. Ws. each at Titagarh and also decided to instal some additional boilers at its Mulajore Power Station. A loan was taken for this purpose. The question of allowability of interest cropped up before the various authorities from time to time. Ultimately, the Tribunal remanded the matter in the assessment year 1982-83 to the Inspecting Assistant Commissioner for finding out certain facts. The petitioner's grievance is that, in spite of the order of the Tribunal which has been upheld by this court, two show-cause notices had been issued.;