( 1 ) IN this application under Article 226 of the Constitution, the petitioner challenges the notice dated the 23rd of March, 1972, issued under Section 263 of the Income-tax Act, 1961, by the Additional Commissioner of Income-tax, West Bengal II, Calcutta, for the assessment year 1965-66. In order to appreciate the contentions urged in this application it is necessary to refer to certain facts. On the 18th of March, 1970, assessment of the petitioner-company was completed in the status of a company in which it was held the public were not substantially interested. The Income-tax Officer accordingly applied the rate of tax applicable to such a company to the petitioner. The petitioner on the 7th of April, 1970, made an application under Section 154 of the Income-tax Act, 1961, requesting the Income-tax Officer to rectify the assessment order by recomputing the tax on the basis that the petitioner was a company in which the public were substantially interested. The petitioner also on the 21st of April, 1970, filed an appeal before the Appellate Assistant Commissioner contending, inter alia, that the petitioner-company being one in which the public were subs