BRAHM PRAKASH Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) ISSUE rule. Mr. Sabharwal appears on behalf of the respondent. With consent this petition has been heard for final disposal.

(2.) PETITIONER at Rs. 39,45,430. The petitioner has also assailed a demand notice issued pursuant to the said assessment order, demanding a sum of Rs. 70,24,222 towards tax and interest under ss. 234A, 234B and 234C of the IT Act, 1961. In addition, the petitioner has challenged the validity of the penalty proceedings initiated under ss. 271(1)(c) and 271(1) (b) of the Act in terms of a notice issued in that regard.

(3.) WE have heard at some length learned counsel for the parties and perused the orders under challenge. It is common ground that the order of assessment impugned in this writ petition is appealable under s. 246A of the Act before the prescribed appellate authority. It is also not in dispute that the respondent has not so far passed any order pursuant to the penalty notice issued to the petitioner. Even if any such order is made, the petitioner has an alternative remedy of filing an appeal against the penalty, if any, levied against him before the prescribed authority. In the circumstances, we see no real reason to intervene with the said proceedings at this stage.