Ajit K.Sengupta, J. - (1.) In this reference under Section 256(1) of the Income-tax Act, 1961, the following question of law has been referred by the Tribunal : "Whether, on the facts and in the circumstances of the case, the initiation of proceedings under Section 147(a)/148 of the Income-tax Act, 1961, was proper and whether the Tribunal was justified in holding that the reopening of the assessments was not legal"
(2.) This reference relates to the income-tax assessment of the assessee-company for the assessment years 1972-73, 1974-75 and 1975-76. The original assessments for each of these three years were completed by the Income-tax Officer under Section 143(3) of the Income-tax Act, 1961, after making proper enquiries and investigations in the regular course. It appears from the original assessment that, in the course of the original assessment proceedings, the assessee-company had filed its audited profit and loss account and balance-sheet and had also filed details of various items appearing in its profit and loss account and balance-sheet for each of the said three years and the Income-tax Officer had completed the assessments after examining the audited account books including the details filed by the assessee-company.
(3.) Subsequently, reassessment, proceedings in respect of each of these three years were initiated by issue of notice under Section 148 read with Section 147(a) of the Income-tax Act, 1961, on March 18, 1981, January 28, 1983, and January 28, 1983, respectively.;