Y.R.Meena, J. - (1.) By this writ petition, the writ petitioner has challenged the notice under Section 148 of the Income-tax Act, 1961 (hereinafter referred to as the "said Act"), by respondent No. 1 and has prayed that the notice be quashed and no steps be taken further for reassessment in pursuance of the impugned notice dated September 30, 1997, issued under Section 148 of the said Act.
(2.) The writ petitioner isa public limited company and derives its income from the business of growing and manufacturing tea in India, manufacturing chemicals and fertilisers and manufacturing plywoood, shipping and warehousing. For the assessment year 1990-91, the accounting period ending on March 31, 1990, the petitioner filed a return along with the tax audit report and claimed deduction under Section 32AB(5) of the said Act. The assessment was completed on March 22, 1993, under Section 143(3) of the said Act and the Assessing Officer determined the income chargeable to tax under the Act from growing and manufacturing of tea in India being 40 per cent, at Rs. 6,47,84,258. In computing the said taxable income from growing and manufacturing of tea in India, the deduction of Rs. 1,59,92,021 was allowed, being 40 per cent, of Rs. 3,99,80,053.
(3.) After completion of the assessment, the Assessing Officer had issued notice under Section 148 of the said Act, read with Section 147, being annexure B to the petition, dated September 30, 1997, asking the petitioner that its income had escaped as deduction under Section 32AB(5) allowed was more than the amount permissible under Section 32AB of the said Act.;