WEL INTERTRADE PRIVATE LIMITED Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) RULE . With the consent of the counsel for the parties, the writ petition is taken up for disposal straightaway.

(2.) IN this writ petition, the petitioner is impugning the notice dated 28.03.2007 under Section 148 of the Income Tax Act, 1961 (hereinafter referred to as 'the said Act') and the order dated 17.10.2007 disposing of the objections to the initiation of re -assessment proceedings. The petitioner is seeking the quashing of the said notice and the said order as also the entire re -assessment proceedings initiated pursuant to the said notice.

(3.) AS noted above, the petitioner enclosed party -wise details in respect of whom the additional liability arose on account of purchases in Annexure -M to the said reply. Thereafter, the Assessing Officer framed the assessment on 28.03.2003 under Section 143(3). Though, in the assessment order there is no mention of the aspect of loss on account of exchange rate fluctuation, it is apparent that the Assessing Officer, through the said notice dated 10.01.2002, required the petitioner to furnish details in respect thereof, which the petitioner did by virtue of its reply dated 05.02.2002. The only sentence that appears in the assessment order is that the assessee company is engaged in the business of import and export trading and real estate. The assessment order also notes that the Assessing Officer had gone through the details filed and the balance sheet and the profit and loss account and thereafter he computed the total income. As noted above, while there is no specific mention about the loss on account of foreign exchange fluctuation, it can be easily discerned that the Assessing Officer did require the petitioner to furnish details in respect thereof and it is only after going through the details filed and the balance sheet and the profit and loss account that the total income was computed.