JUDGMENT

N. J. Jamadar, J. - By this petition under Article 226 of the Constitution of India, the petitioner assails the notice dated 31st March 2010 under section 148 of the Income Tax Act, 1961 ('the Act, 1961'), issued by the respondent No. 1-Deputy Commissioner of Income Tax, Range 2(3), Mumbai seeking to reopen the assessment for the assessment year 2003-04, and the order dated 30th November 2010 passed by respondent No.1 rejecting the petitioner's objection to reopening of the assessment for the assessment year 2003-04.

2. The background facts, leading to this petition, can be stated in brief as under :

2.1) The petitioner is a company incorporated under the Companies Act, 1913. The petitioner is an investment holding company of Tata Group's Companies. For the assessment year 2003-04, the petitioner filed return of income on 28th November 2003 declaring total income of Rs.10,53,46,561/-. Along with the Return, the petitioner had, inter-alia, annexed the income tax summary containing details of the computation of income under each head of income, the quantum of deduction claimed under sections 10A and 80HHE as well as the income from business, gross and net income. The petitioner