AMIYA KUMAR MOOKERJI, J.

( 1 ) THIS appeal is by the revenue and it is directed against the judgment and order of Sabyasachi Mukharji J. dated August, 1972, quashing notices dated 26th March, and 31st March, 1970, under Section 148 of the Income-tax Act, 1961, for the assessment year 1961-62 issued upon the respondent.

( 2 ) THE respondent is a company incorporated under the Indian Companies Act. For the assessment year 1961-62, the said company was assessed under Section 23 (3) of the Indian Income-tax Act, 1922 (hereinafter referred to as " the old Act") and the Income-tax Officer, " E " Ward, Companies Dist. III, computed the total income of the company at Rs. 70,692. The said assessment was, however, rectified subsequently by the said officer by his three orders dated 22nd March, 1962, 7th July, 1973, and the total income was finally computed at Rs. 41,519. The said company's assessment had been completed under the relevant provisions of the old Act and also under the new Income-tax Act, 1961, up to the assessment year 1965-66. While the assessment proceeding relating to the assessment years 1965-66 and 1966-67 were pending before the assessing Income-tax Officer, the respond

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