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JUDGMENT M.S. Sanklecha, J. - Rule, returnable forthwith. By consent of the parties petition is heard for final disposal. 2. This petition under Article 226 of the Constitution of India challenges a notice dated 28 September 2012 issued under Section 148 of the Income Tax Act, 1961 ("the Act") seeking to reopen the assessment for assessment year 2007-08. 3. Brief facts leading to this petition are : (a) The petitioner is engaged in the business of shares and stock brokers. On 30 October 2007 the petitioner filed its return of income for assessment year 2007-08 declaring its income at Rs.62.92 lacs. The Assessing Officer on 30 November 2009 completed the assessment under Section 143(3) of the Act arriving at total income of Rs.65.12 lacs. (b) On 28 September 2012, the Assessing Officer issued a notice under Section 148 of the Act to the petitioner seeking to reopen the petitioner's assessment for assessment year 2007-08 on a reasonable belief that the income chargeable to tax has escaped assessment within the meaning of Section 147 of the Act. Consequent to the demand of the petitioner the Assessing Officer on 10 October 2012 furnished to the petitioner a copy of the reasons recorded by her evidencing reasons for her belief that the income had escaped assessment. The reasons as disclosed read as follows:- "The assessee has filed the return of income of AY 2007-08 on 13/10/2007 declaring income of Rs.6292090/-. The case was selected for scrutiny and order u/s. 143(3) passed on 30/11/2009 at Rs.6512090/-. The addition of Rs.2,20,000/- was made u/s. 40(a)(ia) on A/c of non-deduction of tax at source for the payment made to stock exchange in respect of VSAT charges. The assessee has preferred appeal against the said addition before the ld. CIT(A). Vide letter No. CIT(A)-9/Crown consultants/ 2010-11 dt. 28/03/2011 the CIT(A)-9 has directed to verify the investments made by family member and relatives of the directors in the company. During the course of verification done by the undersigned it is noticed that family member of the directors and their family members has given huge loan to the company during the F. Y. 06-07 relevant to the A. Y. 2007-08. The transaction…

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