D. M. DHARMADHIKARI, J.

( 1 ) ). After hearing the learned counsel, Rule is issued. Learned counsel for the Department waives service of Rule. Learned counsel for both the parties are finally heard.

( 2 ) ). The petitioner, by way of this petition under Article 226 of the Constitution of India challenges the notice dated 29-8-2000 issued by the Joint Commissioner of Income Tax Rajkot (respondent) under the provisions of Section 158-BC r. w. Section 158-BD of the Income Tax Act, 1961. (`the Act for short ).

( 3 ) ). According to the petitioner it has been regularly assessed for income tax under the Act. It is engaged in the business of ship breaking at Alang, District : Bhavnagar. According to the petitioner in the course of business it sells materials to several parties and receive the price of the same some times in cash and at times in cheques. In some cases, cheques are drawn by the debtors from their own bank accounts and at times the cheques are obtained from other concerned persons with whom the purchasers may have transactions. The purchase price so realised, however, is duly credited to the profit and loss account of the petitioner. As is stated, on affidavit-in-reply, by th

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