KARAN JAIN Vs. UNION OF INDIA

JUDGEMENT

(1.) Heard Dr. A. Saraf, learned Senior Counsel assisted by Mr. N. N. Dutta, learned counsel for the petitioner. Also heard Mr. S. Chetia, learned Standing counsel, Income Tax Department representing respondent Nos. 2 and 3.

(2.) The challenge made in this writ petition is the Show Cause Notice No. ITBA/REV/F/REV1/2020-2021/1031736689(1) dtd. 24/3/2021 issued by respondent No. 2 initiating proceedings under Sec. 263 of the Income Tax Act, 1961 (herein after referred as 'the Act') for the assessment year 2017-18, and subsequent ex-parte Order No. ITBA/REV/F/REV5/2020-21/1031849150(1) dtd. 28/3/2021 passed by the respondent No. 2 under Sec. 263 of the Act for the assessment year 2017-2018.

(3.) The brief facts of the case is that the petitioner has filed its original return under Sec. 139(1) of the Act for the assessment year 2017-18 on 1/8/2017 declaring a total income of Rs.43,95,310.00 (Rupees Forty-three lakh ninety-five thousand three hundred ten) only. Later, vide Notice No. ITBA/AST/S/143(2)/2018-19/1010911976(1) dtd. 9/8/2018 under Sec. 143(2) of the Act, the case of the petitioner was selected for 'limited scrutiny' under Computer Assisted Scrutiny Selection ("CASS'). During the course of assessment proceedings, Show Cause Notice dtd. 29/9/2018 was issued by the then Assessing Officer (i.e. predecessor of respondent No. 4) and the same was duly replied to vide letter dtd. 19/12/2018 by the petitioner. Thereafter, the then Assessing Officer (i.e. predecessor of respondent No. 4) passed the final assessment under Sec. 153D/143(3) of the Act vide Assessment Order dtd. 28/12/2018, accepting the returned income of Rs.43,95,310.00 (Rupees Forty-three ninety-five thousand three hundred ten) only.