JUDGMENT

Civil Appeals Nos. 3041-43 of 1983

These appeals are directed against the judgment of the Rajasthan High Court dated November 29, 1979, whereby the Writ Petitions filed by the respondents have been allowed and the notices issued under Section 147(b) of the Income Tax Act, 1961 (hereinafter referred to as the Act ) have been quashed.

2. C.A. No. 3041 of 1983 arises out of Writ Petition No. 1177 of 1974 filed by Purushottam Das Bangur, respondent No. 1. It relates to the assessment of the said respondent for the assessment year 1969-70. During the accounting year relevant to the said assessment year the assessee claimed that he had suffered long term capital loss on sale of shares of Maharaja Shree Umaid Mills Ltd. during the period March 5, 1969 and March 30, 1969 at the price quoted in the Official Report and quotations of the Calcutta Stock Exchange Association. According to the assessee, he had incurred a loss of Rs. 1,57,792/-. The said claim of the assessee was accepted by the Income Tax Officer, C Ward, Jodhpur while making the assessment and the same was affirmed in appeal by the Appellate Assistant Commissioner. Subsequently, the Income Tax Officer received a letter