After making the appropriate inquiry, the Income tax Officer made a draft assessment order in view of the then existing provisions in Section 144B of the Income tax Act.
The Income tax Officer rejected the third revised return by his letter dated the March 5, 1980.
He sent a companyy of the draft assessment order to the assessee as required by the said provision to which the assessee submitted its objections.
Thereupon, the Income tax Officer referred the matter to the Inspecting Assistant Commissioner, again as required by Section 144B of the Act.
While the matter was pending before the Inspecting Assistant Commissioner, the assessee came forward with the third revised return.
It appears that thereafter it filed a revised return and then a second revised return.
