ARINDAM SINHA,J. - (1.) Challenge in this writ petition is against notice dated 24th March, 2011 issued under section 148 , Income Tax Act , 1961, for reopening to assess/re-assess the income for assessment year 2006-07.
(2.) Mr. Basu, learned advocate appears on behalf of petitioner and draws attention to what has been said to be reasons, for belief of the Assessing Officer to reopen and reassess. Following from the reasons for belief, stated by communication dated 4th March, 2011, are reproduced below:- "In the instant case, in course of completion of I.T. assessment for A.Y. 2008-09 it was observed that almost the entire income has been claimed by assessee as exempted u/s 80IA of the I.T. 1961. As per Form 10CCB the initial assessment year of such claim is 2001-02. Vide letter dated 25.10.10 it was submitted by the assessee that it is engaged in the business of outdoor advertising and to develop, operate and maintain Infrastructural Facility (Bridge). In support the assessee furnished the copy of agreement with Executive Engineer, P.W. (Roads) Department.
(3.) According to the said agreement the assessee was required to build and maintain two over Bridge on Nazrul Islam Avenue. Both the Bridges will remain the property of the assessee for twenty years. But the Balance Sheet of the assessee does not disclose any such assets. During assessment proceedings it was submitted by the assessee that it had treated such expenditure as Deferred Revenue expenditure.;