( 1 ) THIS appeal is against the judgment and order dated the 22nd September, 1976, passed by the court below discharging the rule and dismissing a writ petition made by the appellant under Article 226 of the Constitution challenging a notice dated 20th March, 1969, under Section 148 of the I. T. Act, 1961, issued by the lto, 'c' Ward, Companies District-I, Calcutta, the respondent No. 1.

( 2 ) THE appellant, M/s. East Coast Commercial Co. Ltd. , is a company. It carries oh business, inter alia, in jute, gunny and shares and also derives income from property, dividends and interest on securities. The income-tax assessment of the appellant for the assessment year 1952-53, the relevant accounting period being from 17th July, 1950, to 29th October, 1951, was completed by C. R. Nair, the then ITO, Companies District-I, Calcutta, on the 29th March, 1957, under Section 23 (3) of the Indian I. T. Act, 1922. The appellant had filed its balance-sheet and profit and loss account for the said year along with the return. In the course of the said assessment, pursuant to directions of the assessing ITO, the appellant submitted particulars and statements relating, inter alia