HARISH TANDON,J. - (1.) The income tax return filed by the petitioner under sect ion 143(1) of the Income Tax Act, 1961 for the assessment year 2006-2007 was duly processed by determining a net amount of Rs. 31,132/- required to be paid by the petitioner. Subsequently, the case was selected for scrutiny and a notice sub- section 2 of section 143 was issued upon the petitioner. The petitioner was directed to attend the office of the assessing officer with all relevant documents, accounts and other evidence which he intended to rely in support of his disclosure of the facts in the return submitted to the officer.
(2.) It is not in dispute that the scrutiny proceeding was disposed of by the assessing officer enhancing the liability of the petitioner from Rs.31,132/- to Rs.1,09,210/-. It is undisputed that the petitioner complied the said order and deposited the amount so determined.
(3.) A notice under section 148 of the Act was again issued upon the petitioner seeking to reopen the assessment for the said assessment year which was challenged by the petitioner in a writ petition being WP No. 382 of 2010 before this Court. It would be apposite to narrate the excerpt from the said notice which was primarily issued as the petitioner company showed profit of investment as long term gain and claimed exemption under section 10(38) of the Act. Though the same should be treated as business income. The writ petition was disposed of on 5th April, 2010 directing the petitioner to file written objection to the said notice and the competent authority was directed to dispose of the said objection after giving an opportunity of hearing before proceeding with the assessment in respect of the said assessment year in question.;