1. Heard counsel for the parties.

2. This matter was referred to this court at the behest of the assessee to express opinion on the substantial question of law, "whether once a proceeding under Sections 147/148 of the Income Tax Act (for short Act) is dropped, a case can be reopened under Sec. 143 (2)(b) of the Act to verify the correctness or completeness of the return on the same material and thing".

3. It is submitted by learned Counsel for the assessee that the proceeding under Sections 147/148 of the Act was dropped and since the assessment was complete and new facts were not detected/found by the revenue authorities to re-open the matter and to re-examine the correctness of the earlier order dropping the proceeding, the proceeding in terms of Sec. 143(2)(b) of the Act was not maintainable.

4. From the facts of this case, it appears that the assessment proceeding was completed on 21.12.1987 and thereafter a notice was served in terms of Sec. 143(2)(b) of the Act disclosing no new facts.

5. The question, therefore, arises as to whether dropping of the proceeding under Sections 147/148 of the Act would be a bar to reopen the matter on the same set of facts under the prov