Y.R.Meena, J. - (1.) By this petition the petitioner has challenged the impugned notice dated April 7, 1995, issued by respondent No. 1 under Section 148 of the Act relating to the assessment year 1992-93. After hearing the matter on August 19, 1998, a prima facie view was taken that the notice under Section 148 was illegal and that should be quashed. But subsequently after going through the materials before signing the orders it was found that the notice has been issued under Section 148 of the Act within four years from the end of the relevant assessment year. Therefore, in that case it is not relevant whether the assessee has declared fully and truly all materials facts for the assessment. What is relevant is whether any income has escaped from the assessment which is liable to be taxed in the relevant assessment year.
(2.) The date of year ending of the accounting year is March 31, 1992, and the notice under Section 148 has been issued on April 7, 1994, for the assessment year 1992-93. Thus the notice has been issued within four years from the end of the relevant assessment year. The notice under Section 148 has been issued on the basis that the Assessing Officer has received a report from the Valuation Officer regarding the value of the Soya Unit which had been sold to S. M. Dyechem Limited, Bombay. The unit was transferred for a total consideration of Rs. 9,65,00,000 that is for capital assets as well as current assets.
(3.) The assessee has filed the return for the assessment year .1992-93 on December 23, 1992. Along with the said return, the assessee has filed the audit report of profit and loss account, the balance-sheet for the financial year ended on March 31, 1992, and also the reports under Sections 44AB, 80HH and 80HHC of the Act.;