TMI Blog1996 (6) TMI 60X X X X Extracts X X X X X X X X Extracts X X X X ..... essing Officer had reason to believe while assessing the case of the assessee for the assessment year 1989-90 that there is escapement and, therefore, the notice was issued and the assessee was called upon to answer the notice within a period of 30 days. The assessment order for the relevant year is annexed at annexure " D " and it appears that the assessee has been assessed under section 143(3) of the Act and the detailed order has been passed on March 31, 1992. While assessing, the Assessing Officer has referred to the investment allowance specifically in the assessment order at page 6. Mr. Shah has pointed out that the said order of assessment was called in question by the Commissioner of Income-tax, Surat, vide annexure " E " dated Janu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... separate heading and rejected the same. Thereafter, the Commissioner of Income-tax, as stated earlier, issued notice under section 263 and has specifically held as under : " Thus, it is clear that for the purposes of allowance of depreciation there is no pre-condition of actual repayment of foreign currency loan and on this count, the submissions raised on behalf of the assessee-company are entirely correct. For this reason, it can be said that the Assessing Officer had not erred in law in admitting the claim of the assessee, in relation to the dispute under consideration. It appears that the Assessing Officer was called upon for checking up the arithmetical accuracy of the impact of foreign exchange rate fluctuation. Mr. Shah thus p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year. " It is clear from the record that notice has been issued after a period of four years. Therefore, without any whisper that the assessee has failed to disclose fully and truly all material facts necessary for assessment for the relevant year, the notice could not have been issued. With the affidavit-in-reply, reasons dated December 19, 1994, passed by the Deputy Commissioner of Income-tax are placed on record. It is very clear from the reasons that four years have lapsed and, therefore, permission of the Commissioner is sought for issuance of notice under section 148 of the Act. Without going into the aspect whether the Commissioner has given sanction for issuance of notice or not, the petition is required to be allowed on the s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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