Sanjiv Khanna, J.

1. G.S. Engineering & Construction Corporation (formally known as LG Engineering & Construction Corporation) by this writ petition challenges validity of the reassessment notice dated 29th March, 2007 for assessment year 2002-03, which was issued under Section 148 read with Section 147 of the Income Tax Act, 1961 (the Act, for short). As the objections filed by the petitioner to the reassessment notice stand dismissed vide order dated 23rd August, 2007, the said order is also impugned.

2. The undisputed factual position is that for the assessment year 2002-03, the petitioner had filed their return on 31st October, 2002, declaring income of Rs. 2,14,07,600/- which was made subject matter of regular assessment order, dated 18th March, 2005, under Section 143(3) of the Act. The assessment order records that the petitioner, a non-resident foreign company incorporated in Korea, was engaged in business of execution of construction contracts. At the time, the petitioner Company had five different contracts or projects in India and, in respect of two projects namely Catalytic Dewaxing Project, Haldia, West Bengal and NH2 Project, Bihar, details of expenses incurre