Allowing the petition the Court held that  scheme of arrangement approved by the High Court was intimated to the authority. Reopening notice under section 148 was issued upon the assessee which was in the name of the erstwhile company in respect of time deposits made by the assessee.

The notice issued by the revenue was in the name of old company which was not existing and same was not permissible. Accordingly the notice was quashed and set aside. (AY. 2017-18)