I.P. MUKERJI, J.

1. This writ challenges several notices, all dated 15th February 2005 under Section 148 of the Income Tax Act, 1961 (hereafter “the Act”) covering assessment years 1998 1999, 1999 – 2000, 2000 – 2001 to 2001 – 2002. It also challenges an order dated 29th December 2005 by the Income Tax Authority negativing the objection made by the writ petitioner/ assessee against the said reassessment proceeding initiated under Section 147 of the Act. By that decision the revenue proposed to proceed with the said reassessment proceedings.

Thereafter, this writ was filed which now comes up for final determination. There is an interim order dated 24th February 2006 restraining the revenue from proceeding with such assessment.

The whole question in this writ application revolves around the interpretation to be given to section 80 IB (5) of the Act read with sub section 2 defining an industrial undertaking. This section of the Act provides for specified deduction from the profits of an industrial undertaking situated in an industrially backward district as notified by the Central Government, while computing its income. Industrial undertaking is to be taken according to the