DEMPO BROTHERS PRIVATE LIMITED DEMPO HOUSE Vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 1 (1) AAYKAR BHAVAN

JUDGEMENT

(1.) Rule. Rule made returnable forthwith. Respondents waive service. Taken up for disposal.

(2.) The Petitioner, by this petition, has prayed for a declaration that the notice issued under Section 148 of the Income Tax Act dated 29 March 2017 and the order passed rejecting the objections raised by the Petitioner on 9 November 2017 and the reassessment proceedings for the Assessment Year 2010-11, be quashed and set aside.

(3.) The Petitioner is a Company incorporated under the Companies Act. The petition concerns the Assessment Year 2010-11. The Petitioner had filed its return of income for the Assessment Year 2010-11. The case was selected for scrutiny. Notices under Sections 143(2) and 142 (1) of the Act were served on the Petitioner. The Petitioner was also served with a questionaire on 19 February 2013, which the Petitioner replied on 22 February 2013, giving certain particulars. The Petitioner gave response to the query raised in the questionaire as regards the sale of shares of Goa Carbon Limited, which according to the Petitioner, was a wholly owned subsidiary of Esmeralda Investments Private Limited. The Assessing Officer called for further particulars by a letter dated 1 March 2013 and after considering the explanation of the Petitioner, passed the scrutiny assessment order on 22 March 201