( 1 ) THIS rule was obtained by the petitioner for quashing several notices under Section 148 read with Section 147 (b) of the Income-tax Act, 1961 (referred to herein as "the Act") proposing to reopen the assessment for the assessment years 1964-65 to 1968-69.

( 2 ) THE petitioner is an existing private limited company under the provisions of the Indian Companies Act, 1913. It carries on, inter alia, business of manufacture and sale of "safety razor blades". In due course it submitted its returns of income for the assessment years from 1964-65 to 1967-68 which were duly assessed allowing depreciation amongst other things on the blade manufacturing machineries at the rate of 10% for each year. Thereafter, by a subsequent order dated May 6, 1968, the Income-tax Officer also made certain rectification of the assessment. The petitioner, however, took an appeal before the Appellate Assistant Commissioner against the assessment for the year 1964-65 who by his order dated June 24, 1968, gave certain deductions in the total income of the assessee for this year.

( 3 ) THEREAFTER, the petitioner was served with five notices on March, 25, 1969, issued by the respondent No.