AJAY Vs. DEPUTY COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) RULE , returnable forthwith. By consent of parties the writ petition is taken up for final disposal. Petitioner seeks indulgence of High Court, to invoke powers and jurisdiction under Art. 226 of the Constitution of India, questioning legality and validity of actions initiated by respondents No. 1 and 2 for scrutiny assessment' (as referred to by the petitioner) of income for the financial year 2009 -10, corresponding to asst. yr. 2010 -11 under notices issued pursuant to ss. 143(2) and 142(1) of the IT Act, 1961 (hereinafter, for brevity, referred to as "The IT Act").

(2.) THE petitioner is engaged in business of gold and diamond jewellery from last about 15 years as a trader at Jalgaon. The petitioner has a showroom at Jalgaon, where various items of jewellery are displayed for sale. Petitioner claims to have maintained full and complete books of account and record as are required to be maintained for such business, including, inter alia, purchase, sale, cash books, stock registers and other relevant record. The books of account are claimed to be duly audited every year and each item of stock of jewellery, according to the petitioner, tallies with stock register and other record maintained for said purpose.

(3.) ACCORDING to the petitioner, although there is no discrepancy in the physical stock vis -a -vis the stock record and cash books, yet, only with a view to buy peace of mind and to avoid long drawn litigation, he accepted his income as per disclosure made during survey and accordingly, filed return of income for the asst. yr. 2010 -11 on 15th Oct., 2010 and also paid income tax on the same.