( 1 ) THIS application appears to be an offshoot of the alleged all India spurious hundi racket unearthed by the income-tax department. By this application the petitioner impugns a notice issued under Section 148 of the Income-tax Act, 1961, for reassessment of the petitioner's income for the assessment year 1960-61.

( 2 ) FOR the said assessment year, for which the petitioner's accounting year was the financial year ending on the 31st March, 1960, he was assessed under Section 23 (3) of the Income-tax Act, 1922, on a total income of Rs. 24,469, by Sri A. K. Chanda, the Income-tax Officer, "j" Ward VI, Calcutta, on 23rd October, 1962. In making the said assessment the Income-tax Officer allowed the petitioner's claim for deduction of a sum of Rs. 35,236, alleged to have been paid as interest on loans on hundis. A further claim for a credit of Rs. 20,157, on sale of old gold appearing in the petitioner's profit and loss account was disallowed, as the Income-tax Officer did not accept the sale of gold. It appears that at the time of the original assessment the petitioner had submitted to the Income-tax Officer the relevant balance-sheet and profit and loss account and