P.D. Dinakaran, J.

This is a typical case of exploiting the constitutional remedy of judicial review under Article 226 of the Constitution of India, thereby evading the payment of Rs.10,05,70,539/- towards tax and interest payable for the assessment year 1993-94, without resorting to the regular statutory appeal under the provisions of the Income Tax Act (for brevity, "the Act"), against the impugned order dated 6. 2003 passed by the respondent holding that the reopening of assessment under Section 147 of the Act is justified and that the income of the petitioner has escaped regular assessment under Section 143 of the Act.

2. 1 Brief facts of the case are: The petitioner company, originally known as Xomox Valves India Limited, and after the sanction of the scheme of amalgamation, called M/s.Fisher Xomox Sanmar Limited, filed its return for the assessment year 1993-94 which was completed under section 143(3) of the Act.

2. 2. Then, the Department issued a notice under Section 148 of the Act for reassessment stating that the income had escaped assessment on the basis of transfer of excess assets, etc., as a result of amalgamation and required the petitioner to file a retur