V.K.Gupta, J. - (1.) The question involved in this petition is about the liability of the petitioner to file Income Tax Return for the assessment year 1977-78.
(2.) M/s. Poddar Udyog Limited, the present petitioner in this petition, has actually succeeded M/s. Hope India Limited, the petitioner who originally had filed this petition. M/s. Hope India Limited was the successor in interest of M/s. Hope Plantations Limited. M/s. Hope Plantations Limited by virtue of an agreement made on 22nd November, 1977 between itself and the Southern Indian Tea Estates Company, a company incorporated under the Companies Act of the United Kingdom and having its registered office in London, purchased the Indian tea business of M/s. Southern India Tea Estates Company limited (hereinafter referred to as the predecessor company). M/s. Hope Plantation Company (hereinafter referred to as the successor company) was incorporated as an Indian Company on 11th November, 1977. On 7th January, 1978, M/s. Hope Plantation Limited stood amalgamated with M/s. Hope India Limited with effect from 19th September, 1979.
(3.) A notice dated 25th February, 1980 under section 148 of the Income Tax Act was served upon M/s. Hope Plantations Limited in which the Inspecting Assistant Commissioner of Income Tax called upon the addressee to file return within 30 days from the date of service of the notice since the Inspecting Assistant Commissioner had proposed to assess the income of the said addressee for the assessment year 1977-78. It is advantageous to set out the notice entirely as hereunder: "Notice under section 148 of the income tax Act 1961. 47-024-Cx-5210 Income Tax Officer, Special Range, Coimbatore. Dated the 25-2-1980. M/s. Hope Plantations Ltd., Successor to (M/s. Southern India Tea Estate Co. Ltd.) Belmont, Coonoor-643 101. Whereas I have reason to believe that your income in respect of which you are assessable/chargeable to tax for the assessment year 1977/78 has escaped assessment within the meaning of section 147 of the Income Tax Act, 1961. I, therefore, propose to assess the Income/loss depreciation allowance/for the said assessment year and I hereby require you to deliver to me within 30 days from the date of service of this notice, a return in the prescribed form to your income, the income in respect of which you are assessable for the said assessment year. Sd/ Inspecting Assistant Commissioner of Income-tax, Special Range, Coimbatore." ;