CBI INTERNATIONAL Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) The petitioner has impugned order dated 03.02.2016 in PAN.No.AACFC0906D and consequential order dated 28.03.2016 in W-I(2)/Tpr/2015-16 passed by the respondent.

(2.) By the impugned order 03.02.2016, it has been concluded that order passed under Section 143(3) dated 18.03.2013 for the Assessment Year 2010-11 made protectively becomes substantive and therefore, the petitioner was liable to pay a sum of Rs.2,62,76,350/- as tax due for the said Assessment Year. The impugned order dated 28.03.2016 in W-I(2)/Tpr/2015-16 is pursuant to a representation of the petitioner dated 19.02.2016 and 03.02.2016. The petitioner has been asked to pay the demand and produce challan.

(3.) The facts of the case are that the petitioner manufacturer of hosiery item had signed an agreement dated 01.04.2009 with M/s.Eastman Exports Global Clothing Private Limited. Under the agreement, the said company had advanced a sum of Rs.6.5 crores to the petitioner to improve the desired infrastructure facility. In the books of account of the petitioner, the aforesaid amount was treated as an advance by the petitioner.