( 1 ) RULE D. B.

( 2 ) SINCE a very short point is involved, with the consent of counsel for the parties we take up the matter for final disposal.

( 3 ) CHALLENGE in this writ petition under article 226 of the Constitution of India is to the notice, dated 30 April 2002, issued under Section 148 of the Income-tax Act, 1961 (for short the Act) by the income-tax Officer, respondent No. 3 herein, seeking to re-open the assessment of the petitioner company for the assessment year 1996-97.

( 4 ) THE petitioner company is engaged in the business of manufacturing of electrical goods. It filed its return of income for the assessment year 1996-97 on 30 November 1996, declaring an income of rs. 9,26,867/ -. The return of income was accompanied by the statement of assessable income, various other documents and annexures, including the statutory tax audit report and the list of loans taken during the relevant previous year. One of the loans, for re. 7,40,000/-, raised by the petitioner was from a concern M/s. Visa Fincap Limited, New Delhi. According to the petitioner, the loan was taken on two different dates through account payee cheques; the sum of rs. 33,860/- was paid/credited as