TMI Blog1974 (3) TMI 7X X X X Extracts X X X X X X X X Extracts X X X X ..... sessment year 1961-62, issued by the respondent No. 1. The petitioner is a partner of the firm, M/s. Calcutta Hardware Stores, which carries on business as a dealer in black sheet, sheet cutting and tinkers. On the 1st of April 1970, the petitioner received a notice dated March 30, 1970, issued by the respondent No. 1 under section 148 of the Income-tax Act, 1961, to reopen the assessment for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aph 6 that the original assessment was made by Sri H. C. Sharma as Income-tax Officer, "A" Ward, District 1(2), Calcutta, on a total income of Rs. 87,227 as against the returned income of Rs. 84,759 on February 22, 1962. At the time of the original assessment the assessee-firm filed copies of accounts including profit and loss account, balance-sheet and loan account but the said loan account did n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lly the material facts relevant for the assessment year. The Income-tax Officer having knowledge of these facts in the previous accounting year had accepted the hundi loans as genuine. In the course of assessment for subsequent years the Income-tax Officer formed the belief that those hundi loans were not genuine and even then the said formation of opinion was not by the same Income-tax Officer wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 61, has not been fulfilled in the instant case and, accordingly, the said impugned notice which is annexure "C" to the petition dated March 30, 1970, must be set aside and all assessment proceedings initiated in terms of the said impugned notice must also be quashed. In the result this rule is made absolute. There will be no order as to costs. Let the operation of the order remain stayed for a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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