MUKAND LIMITED Vs. UNION OF INDIA

JUDGEMENT

(1.) Petitioner has filed this petition challenging the legality and validity of notice dtd. 26/4/2011 issued by respondent no.2 under Sec. 148 of the Income Tax Act, 1961 (the Act).

(2.) In respect of Assessment Year 2006-2007, petitioner had filed return of income on 10/11/2006 declaring total income at 'Nil". Petitioner also had filed, alongwith return, note to computation of income. In the original return of income, petitioner computed the total income at "Nil' after claiming set off of brought forward unabsorbed depreciation against the long term capital gains and business income. The total income of petitioner was computed as follows : <FRM>JUDGEMENT_38_LAWS(BOM)7_2023_1.html</FRM>

(3.) By an assessment order dtd. 16/11/2009 passed under Sec. 143(3) of the Act, respondent no.2 assessed the income of petitioner at 'Nil' after setting off unabsorbed depreciation as under : <FRM>JUDGEMENT_38_LAWS(BOM)7_2023_2.html</FRM>