9911796707
TMI Blog1998 (12) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... llowed. The total turnover, the taxable income was determined by applying a fixed percentage of 11 per cent. The further fact is that on January 15, 1987, a letter was addressed to the assessee. In this, it was pointed out that a search and seizure was conducted at the premises of the assessee. Some stock registers were seized. These registers indicated some facts and figures regarding closing stocks. The stock which was in transit was also said to have been indicated. On the basis of the information so acquired, the Inspecting Assistant Commissioner of Income-tax, Jammu, who is also the Assessing Officer came to the conclusion that if facts and figures, which have become available from the records so seized from February 1, 1972, to Jan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessment year 1985-86 in regard to which I should like some further information. You are hereby required to attend my office at 10 A.M. on February 5, 1988, either in person or by a representative duly authorised in writing in this behalf, or there produce or cause there to be produced at the said time any documents, accounts and other evidence on which you may rely in support of the return filed by you. Income-tax Officer, Circle/District." Accompanying this notice was a detailed information on the basis of which action was sought to be taken. It was pointed out that the action is sought to be taken in terms of section 143(2)(b) of the Income-tax Act, 1961. This led the petitioner to approach this court. Learned counsel for the petiti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o January 31, 1985. It is urged that the respondent authorities cannot look into this material because the finality stands attached to the assessments which are beyond a period of eight years. If that material is taken into consideration, then the scrutiny would be for periods beyond the period of limitation. This as per the petitioner cannot be done. Another argument which has been raised is that the assessment proceedings could be opened with regard to that period which is within the limitation prescribed in this behalf. This is eight years in case there is failure on the part of the assessee to disclose the income and in case there is some remissness on the part of the Department, then the assessment can be opened for a period beyond f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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