( 1 ) IN this application under Article 226 of the Constitution of India, the petitioner is challenging an order passed on January 28, 1975, by respondent No. 1 under Section 264 of the I. T. Act.

( 2 ) THE petitioner's case as made out in the petition is as follows : the petitioners are the partners of M/s. Gidwany Brothers of 73, Netaji Subhas Road, Calcutta. The petitioners have l/5th share each in the said business. The petitioners have no other income. This writ petition relates to the assessment year 1962-63, and the relevant accounting year is the year ending March 31, 1962. In the assessment year 1962-63, M/s. Gidwany Brothers (hereinafter referred to as "the said firm"), filed its return showing an income of Rs. 9,763 and also filed an application for registration on March 27, 1962. According to the petitioners, the share-income of the petitioners on the basis of the said return was within the exempted limit, so the petitioners had no statutory obligation to file any return. At the time of making an assessment for the said assessment year 1962-63, the ITO treated a sum of Rs. 1,46,000 as income from undislosed sources and the business income was determined at