THE HON’BLE SRI JUSTICE P.SAM KOSHY AND THE HON’BLE SRI JUSTICE NARSING RAO NANDIKONDA WRIT PETITION No.22221 of 2003 ORDER: (per the Hon’ble Sri Justice Narsing Rao Nandikonda)

The present writ petition is filed challenging reopening of the assessment of the petitioner for the Assessment Year 1996- 1997 and also to quash the notice dated 28.03.2003 issued by the respondent under Section 148 of the Income Tax Act, 1961 (briefly ‘the Act’ hereinafter) on the ground that the same is without jurisdiction and time barred.

2. Heard Sri C.V. Narasimham, learned counsel for the petitioner, and Sri P. Murali Krishna, learned counsel for the respondent. Perused the entire material on record.

3. The brief facts of the case, are that, the petitioner is engaged in the business of investment in shares and trading and had filed its return of income for the Assessment Year 1996- 1997 on 27.11.1996 showing loss of Rs.54,75,960/- and the said return was scrutinized by the Assessing Officer under Section 143(1)(a) of the Act on 14.03.1997 without making any further adjustment and later a notice dated 07.04.1998, under Section 148 of the Act, was issued to the petitioner for reopening the assessment on