Girish Chandra Gupta, J. - (1.) The subject matter of challenge in this writ petition comprises two several notices both dated February 12, 1999, issued under Section 10 of the Interest-tax Act, 1974, seeking to reopen the assessment of income for the assessment years 1993-94 and 1994-95 on the ground that the Joint Commissioner of Income-tax has reasons to believe that income from interest chargeable to tax for the aforesaid years escaped assessment within the meaning of Section 10 of the Interest-tax Act, 1974. The facts of the case briefly stated are as follows : Income for the assessment year 1993-94 was assessed by Sri S. K. Biswas, Deputy Commissioner of Income-tax, under Section 143(3) of the Income-tax Act, 1961, on March 19, 1996, holding, inter alia, as follows : "The assessee is an exporter of molasses and leather goods. Besides this the assessee has shown income from rent from storage tanks, handling charges, throughput, interest, etc. The return was processed under Section 143(1)(a) and was subsequently selected for scrutiny ...... The assessee is not an investment company and profit or loss arising out of share dealing is treated as speculation profit and loss."
(2.) The income for the assessment year 1994-95 was assessed by Sri P. D. Meena, Deputy Commissioner of Income-tax, on September 11, 1996, holding, inter alia, as follows : "The assessee-company is an exporter of molasses and leather goods. Besides these, the assessee-company has shown income from rent from storage tanks, handling charges, throughput, interest, dividend, profit on sale of fixed assets, shares speculation loss and also share of profit in A. V. R. and Company (Madras)........ The assessee is not an investment company and profit or loss arising out of share dealings is treated as speculation profit or loss."
(3.) After completion of regular assessment under Section 143(3) of the Income-tax Act, 1961, for the aforesaid years Sri S. R. Sikdar, Joint Commissioner of Income-tax, issued the impugned notices under Section 10 of the Interest-tax Act, 1974. It is significant that within ten days thereafter the self-same Mr. Sikdar assessed the income of the petitioner for the assessment year 1996-97 under Section 143(3) of the Income-tax Act holding, inter alia, as follows : "It is noticed that the main business of the assessee was to export molasses abroad. In addition to molasses business, the assessee has shown income from leasing business, molasses handling, interest income, service charges, some dividend income and profit from sale of investment.";