BANGABASI COLLAGE Vs. UNION OF INDIA

JUDGEMENT

(1.) The instant writ application has been preferred challenging the assessment order dtd. 18/3/2023 issued under Sec. 147 read with Sec. 144B of the Income Tax Act 1961 pertaining to Assessment Year 2015-2016 and notice of penalty dtd. 18/3/2023 under Sec. 274 of Income Tax Act 1961 against Bangabasi College herein the writ petitioner.

(2.) The facts of the case are that writ petitioner is a West Bengal Government aided college, duly affiliated under the University Grants Commission and Calcutta University with nearly 5000 students under its fold. It is a public trust within the meaning of Indian Trust Act 1882, having PAN AAAAB3437B. The petitioner is bound to furnish a return of income under Sec. 139(1) and is entitled to get exemption under Sec. 10(23C) (iiab) of the Income Tax Act 1961 (hereinafter referred to as Act).

(3.) The petitioner received a notice dtd. 21/3/2022, issued under Sec. 148A(b) of the Act by Assistant Commissioner of Income Tax herein respondent No. 2 stating that income of Rs.2,06,68,396.00 for Assessment Year 2015-2016 had escaped assessment within the meaning of Sec. 147 of the Act. The petitioner was required to show cause as to why notice under Sec. 148 of the Act should not be issued and submit such response with relevant supporting documents in 'e-proceeding facility' on or before 28/3/2023. The petitioner proceeded to state reasons for not filing return vide acknowledgment No. 458203141280322 uploaded on 28/3/2022.