Judgement

SABYASACHI MUKHARJI, J.:- Whether the reopening of the assessments of the assessee under S. 147(a) of the Income-tax Act, 1961 (hereinafter referred to as the Act) was valid, is the question involved in these appeals by special leave from the Bench decision of Calcutta High Court dated 7th December, 1973. The assessment years involved are 1957-58, 1958-59 and 1959-60.

2. It may be mentioned that on notices being issued for reopening of the assessments under S. 148 of the Act under condition 147(a) of the said Act, the assessee challenged the said notices on the ground that there were no material to initiate such reopening. Such challenge was upheld by the learned single Judge of the High Court and the notices in question were quashed.

3. The revenue being aggrieved preferred appeals before the Division Bench of the High Court. The Division Bench of the High Court reversed the findings of the learned trial Judge and the notices were upheld. Hence these appeals.

4. The assets and liabilities of erstwhile the Assam Oil Company have since then vested in the Indian Oil Corporation and on an oral application having been made on behalf of the assessee, we have directed that the name