( 1 ) THE assessments for the assessment years 1964-65 and 1965-66, made under the provisions of the Income-tax Act, 1961, were sought to be reopened by the notice dated the 29th of July, 1970, issued under Section 148 of the Income-tax Act, 1961. The said notice is the subject-matter of challenge in this application under Article 226 of the Constitution. The petitioner is a company. During the material times, the petitioner was acting as the managing agent of Messrs. Kashmir Ceramics Ltd. The petitioner had entered into an agreement with the said Messrs. Kashmir Ceramics Ltd. , dated the 24th of February, 1962. According to the agreement the petitioner was entitled to a remuneration of 10 per cent. of the net profit of the said Messrs. Kashmir Ceramics Ltd. It further appears that the said Messrs. Kashmir Ceramics Ltd. could not work from 1962-63 and mostly all the expenses incurred in construction were capitalised. The petitioner's case is that the petitioner did not earn or receive any remuneration from Messrs. Kashmir Ceramics Ltd. and finally the provisions of the agreement were surrendered by the petitioner ab initio in 1968. The petitioner states tha