COMMISSIONER INCOME TAX Vs. KRISHNA CAPBOX (P.) LTD.

JUDGEMENT

(1.) Heard Sri Dhananjay Awasthi, learned counsel for the appellant, Sri Shubham Agrawal, learned counsel for the respondent and perused the record. The following substantial question of law has arisen in this matter, which need adjudication :

(2.) Both the learned counsels have addressed this court on this question.

(3.) The admitted facts are that the assessee filed his return for the assessment year 2008-09 on September 28, 2008, declaring an income of Rs. 8,14,647, which was processed under section 143(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"). The case was selected for scrutiny and statutory notice under section 143(2) of the Act was issued on September 29, 2009. The assessing authority made certain queries, which were replied by the assessee and after inquiry, the Assessing Officer, being satisfied in respect to the queries replied by the assessee, accepted his declared income and passed the assessment order on December 14, 2010.