SANTOSH SINGLA Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) Rule DB. Learned Counsel for the respondent waives service of notice. Since there is no dispute about the facts and the short question of law which is raised in this petition, Learned Counsel for the parties arc ready to argue the matter.

(2.) Arguments heard.

(3.) The petitioner had filed a return of income-tax for the assessment Year 1997-98 declaring the income of Rs. 1,01,610 and the said return was processed under section 143(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"). However, an ex parte assessment under section 143/ 144(3) of the Act was passed raising the income at Rs. 23,76,291. In the process, the Assessing Officer made certain additions under section 68 of the Act treating the same to be undisclosed income of the assessee.