MANISH KUMAR SON OF SRI R.K. GUPTA Vs. INCOME TAX OFFICER AND UNION OF INDIA (UOI) THROUGH CHAIRMAN, CENTRAL BOARD OF DIRECT TAXES

JUDGEMENT

(1.) BY means of the present writ petition filed under Article 226 of the Constitution of India, the petitioner, Manish Kumar, has challenged the notice dated 24.7.2000, filed as Annexure 4 to the writ petition, issued by the Income Tax Officer, Ward 1(6), Agra, respondent No. 1, in respect of the assessment year 1993 -94. The reason for issuance of the notice dated 24.7.2000, as per the order sheet, a copy of which has been filed as Annexure 5 to the writ petition, is that the petitioner had claimed Rs. 24,776 - as expenses, which is approximately 40% of the total incentive bonus of Rs. 61,941/ -, in his return of income, which has been allowed. The said amount has escaped assessment as no expenses is allowable against incentive bonus shown by the petitioner.

(2.) WE have heard Sri Rakesh Ranjan Agrawal. learned Counsel for the petitioner, and Sn A.N. Mahajan. learned Standing Counsel, appearing for the respondents.

(3.) SRI A.N. Mahajan, learned Standing Counsel, however, submitted that, from the computation sheet, it appears that the incentive bonus of Rs. 61,941/ - was earlier deducted and thereafter only a sum of Rs. 37,165' - was added, which shows that the income which has escaped assessment to tax is more than Rs. 25.000 - and, therefore, the reassessment proceeding could have been taken within a period of seven years.