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2004 (8) TMI 69 - HC - Income TaxNotice u/s 148 – interest on enhanced compensation - reassessment notices under section 148 of the Act have been issued in consequence of the order passed by the Punjab and Haryana High Court awarding interest on the amount of compensation paid to the petitioner – Revenue submitted that in view of the provisions of section 150(1) and (2) of the Act, the notices in question are well within limitation as the same have been issued in consequence of the order passed by the court in the land acquisition proceedings - In the counter affidavit, the reason for issuing the notices under section 148 of the Act for the assessment years 1989-90 to 1994-95 has been stated that the interest income has escaped assessment and that is why notices have been issued. It may be mentioned here that the reasons are not required to be recorded in the notice issued under section 148 of the Act but before issuing notice the reasons ought to be recorded in writing. Thus, the plea that the notices do not contain any reasons is misconceived. - assessee’s appeal dismissed
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