EVEREST KANTO CYLINDER LTD. Vs. UNION OF INDIA

JUDGEMENT

(1.) Rule. Rule made returnable forthwith. By consent, taken up for final hearing.

(2.) Petitioner has impugned notice dated 27 th March 2021 issued under Sec. 148 of the Income Tax Act, 1961 ("Act") and also the order dtd. 30/11/2021 rejecting Petitioner's objections.

(3.) Petitioner had filed its return of income on 30 th November 2015 for Assessment Year ("AY") 2015-16 declaring loss of Rs.84,81,34,368.00 under normal provision of the Act and book loss of Rs.75,29,01,959.00 under Sec. 115JB of the Act. The case was selected for scrutiny and assessment order for AY 2015-16 under Sec. 143(3) of the Act was passed on 25/12/2018 with assessed loss under the normal provisions of the Act at Rs.82,62,66,577.00 and book loss under Sec. 115JB of the Act at Rs.74,88,93,282.00.