Law:

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JUDGMENT Akil Kureshi, J. - Heard learned advocates for the parties for final disposal of the petition. 2. Petitioner has challenged a notice dated 26th March 2013 issued by the respondent-Assessing Officer under Section 148 of the Income-tax Act, 1961 {"the Act" for short}. 3. Brief facts are as under :- The petitioner is a company registered under the Companies Act, 1956. For the Assessment year 2008-09, the petitioner filed its return of income on 31st March 2010 declaring total income of Rs. 1.77 Crores [rounded off]. In such return, the petitioner had claimed set-off of brought forward unabsorbed depreciation allowance of Rs. 4.26 Crores [rounded off] pertaining to the period between A.Y 1984-85 to A.Y 2007-08 against the petitioner's income from long term capital gains arising during the year under consideration. Such return was taken in scrutiny by the Assessing Officer. He framed assessment on 29th December 2010 assessing the total income of the petitioner at Rs. 13.52 Crores [rounded off]. He, however, made no disallowances on the set-off claimed by the assessee of the brought forward unabsorbed depreciation allowances of Rs. 4.26 Crores. It is this scrutiny assessment which the respondent desire to reopen and for which impugned notice came to be issued. The notice thus was issued within a period of four years from the end of the relevant assessment year. 4. At the request of the petitioner, respondent supplied reasons recorded by him for issuing such a notice. The reasons read as under :- "With reference to your requirement of reasons for reopening, it is stated that you had filed your return of income for A.Y 2008-09 on 31.03.2010 declaring total income of Rs. 177.43 lacs. Further, assessment order u/s. 143 (3) of the Act was finalized in your case on 29.12.2010 determining total income at Rs. 1352.69 lacs. As per record, it is revealed that brought forward depreciation of Rs. 77.10 lacs pertaining to earlier years was to be set off in the A.Y 2008-09, however, as per assessment order set-off of unabsorbed depreciation of earlier years amounting to Rs. 426.57 lakhs had been allowed. Thus, there was excess set off of depreciation to the tune of Rs.…

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