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2003 (10) TMI 17 - HC - Income Tax
Notice for reassessment – jurisdiction - In the facts of the present case mere production of the hire purchase agreement did not exonerate the assessee from the liability to point out the aforesaid clauses of the hire purchase agreement under which the vehicles were to be registered in the name of the hirers and the agreement also provided that it was the hirer which would be entitled to the benefit of depreciation and other allowances - at the stage of notice under section 147/148, the court is not to go into the merits of the controversy whether the particular income is taxable - this petition is dismissed with a clarification that if the assessee lodges its preliminary objections before the Assessing Officer with reference to the impugned notice u/s 148 and also in relation to the reasons as disclosed in the additional affidavit, the AO shall consider and decide the preliminary objections by passing a speaking order.