- (1.) This writ asks for orders for quashing the notice under Section 148 of the Income Tax Act, 1961 dated 05th February, 2013 and the notices dated 12th December, 2013 issued in pursuance thereof under Sections 142 (1) and 143 (2) of the said Act.
(2.) Assessment of the writ petitioner's case for the assessment year 2006-2007 was sought to be reopened. The reasons accompanied a letter dated 25th November, 2013 of the department.
(3.) The reasons advanced were as follows:- "Information has been received from Director of Income Tax (I & CI), Chennai that the assessee company has received compensation and enhanced compensation from the Govt. of Tamil Nadu for acquisition of land for widening of the existing MTH Road, measuring 96.89 sqm [ as per the sale deed page 5] during the F.Y. 2005-06 which is liable to capital gain for A.Y. 2006-07. The assessee has computed indexed cost of acquisition (as per 2nd provision to sec.48) on 01/04/1981 at Rs. 2,61,86,482.70. According to the computation of ITO-II, (I & CI), Chennai-34 the cost of acquisition as per cost index on 01/04/1981 is Rs. 1,30,49,560/-. The assessee company has claimed excess cost of acquisition by Rs. 13136923/- and income from Capital G Gain has been under assessed. Therefore, I have reasons to believe that income has escaped assessment.";