ESTER INDUSTRIES LTD. Vs. ASSISTANT CIT, NEW DELHI

JUDGEMENT

(1.) Present writ petition has been filed challenging the Notice under Sec. 148 of the Income Tax Act, 1961 ("the Act") dtd. 31/3/2021, Order under Sec. 147 read with Sec. 144B and the demand notice issued under Sec. 156 of the Act dtd. 30/3/2022.

(2.) Learned Counsel for the Petitioner states that the impugned order and notice have been issued and passed illegally, mechanically and without application of mind.

(3.) He states that the impugned Order has been passed without considering the detailed reply submitted by the petitioner during the assessment proceedings. He states that the short term capital loss of Rs.35,11,525.00can only be carried forward for set off against short term capital gain in subsequent years and, therefore, the question of disallowing the loss so computed and reducing the same from the business loss of the assessee entitled to be carried forward under Sec. 72 for set off in future does not arise and the impugned order is liable to be quashed.