- (1.) The petitioner, a cooperative society known as Pushtikar Laghu Vyaparik Pratishthan Bachat Evam Sakh Sahkari Samiti Limited, has approached this Court by way of present writ petition challenging the reassessment/reopening proceedings under section 147/148 of the Income Tax Act by impugned notice under section 148 of the Act dtd.18.3.2008 for assessment year 2004-2005.
(2.) The Assessing Authority - Dy. Commissioner, Income Tax, Circle-2, Jodhpur gave the said notice and supplied the reasons for issuance of said notice upon demand by the assessee vide his letter dtd.11.4.2011 which reasons according to the Assessing Authority are as under: "REASONS FOR RE-OPENING THE CASE U/s 147 OF THE I.T. ACT, 1961 M/s Pushtikar Laghu Vyaparik Pratishthan Evam Shakh Sahakari Samiti Ltd. Jodhpur. In this case assessee has filed return of income for A.Y. 2004-2005 amounting of Rs.81,23,534/- and claiming exemption u/s 80P of the I.T. Act, 1961 and declared NIL Income on 29.10.2004. The assessment has been completed u/s 143 (3) on 6.07.2005 at the returned income NIL. The hon'ble Supreme Court of India has announced decision in favour of department in the case S.L.P. (C. No.7527 of 2009) in the case of M/s Totgar's Coop. Society Ltd -reg - The decision is quoted in the 322 ITR at page No.283 (S.C.). There is similar issue involved in the M/s Pustikar Laghu Vyaparik Pratisthan Evan Shakh Sahakari Samiti Ltd., Jodhpur. The A.O. has allowed 80P on the interest received of Rs.11,99,228/- on various FDRs. As per the decision of Hon'ble Supreme Court it will be taxed as income from other sources and it is taxable. I have reason to believe that income to tune of Rs.11,99,228/- chargeable to tax has escaped assessment of the for the A.Y.2004-05. Dated: 05-03-2011"
(3.) The present writ petition was filed by the assessee in this Court on 12.9.2011 and while issuing notice to the respondents, this Court vide order dtd.22.9.2011 directed that assessing authority - respondent No.2 will not pass any final order in pursuance of impugned notice under Section 147/148 of the Act. The respondents have filed reply to the writ petition along with the additional affidavit of respondent with approval of CIT for issuance of such notice, to which a rejoinder has also been filed by the petitioner.;