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ORDER Tarun Agarwala, J. - By means of this writ petition, the petitioner Sri Amar Nath Agrawal is challenging the validity and legality of the notice dated 26th March, 2007 issued under Section 143(2) of the Income Tax Act. 2. The facts leading to the filing of the writ petition is, that the petitioner along with four other persons had obtained a lease deed dated 25th December, 1953 and is in possession since then. The lease expired on 7th June, 1969 and was renewed for a period of 30 years with a further option of renewal for another term of 30 years. The lease deed permitted transfer by succession, sale, assignment, etc. with the previous approval of the State Government. 3. The State Government introduced a policy for conversion of lease land into free hold. The petitioner applied for conversion of lease hold land into free hold land before the District Magistrate, Allahabad on 2nd August, 1997. The petitioner deposited the necessary charges as demanded by the State Government and, thereafter, a free hold sale deed dated 25th March, 1998 was executed by the District Magistrate, Allahabad. 4. The petitioner sold a portion of the property during the Financial Year 1999-00 relevant to the assessment year 2000-01 for a sum of Rs.5,26,694/-. The petitioner received a notice dated 13th March, 2007 under Section 133(6) of the Act directing the petitioner to furnish certain information. The petitioner vide his letter dated 16th March, 2007 furnished the requisite information, inspite of which, the Assessing Officer issued the impugned notice dated 26th March, 2007 under Section 148 of the Act. 5. The petitioner vide letter dated 4th April, 2007 approached the Assessing Officer to supply a copy of the reasons, which was supplied. The reasons so recorded by the Assessing Officer is reproduced in paragraph 24 of the writ petition, which is extracted hereunder:- "REASONS FOR INITIATING PROCEEDINGS u/s 148 OF THE I.T. Act, 1961 During the F.Y. 1999-2000 relevant to A.Y. 2000-2001 Shri Amar Nath Agarwal, S/o Vishweshwar Prasad Agarwal, R/o 5, Tashkent Marg, Allahabad has sold property/land within three years after converting the lease land into free-hold, resulting into…

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