Wp(C)/5361/2022 Of The Liberty Marine Syndicate Pvt. Ltd v. Asst. Commnr Of Income Tax, Cuttack

Order No. 03. IN THE HIGH COURT OF ORISSA AT CUTTACK W.P.(C) No.5361 of 2022 The Liberty Marine Syndicate Private ….PetitionerLimited, Jagatsinghpur Mr. Rudra Prasad Kar, Advocate -versus- ….Opposite Parties Assistant Commissioner of Income Tax, Cuttack and another Mr. Radheshyam Chimanka, Sr. Standing Counsel CORAM: THE CHIEF JUSTICE DR. JUSTICE S. K. PANIGRAHI ORDER 25.07.2022 1. An additional affidavit has been filed by the Petitioner in Court today enclosing the reasons provided to the Petitioner by the Department for reopening the assessment for the year 2013-14. These reasons show that the reopening of the assessment was on the basis that “the assessee has failed to disclose its income truly and fully for this year as its income of Rs.15,00,000/- from undisclosed source has been passed through accommodation entry, thereby escaping income to the said extent in terms of section 147 of the I.T. Act, 1961 for the said Asst. year.”. The said additional affidavit is taken on record. 2. It is pointed out that by the recent Circular dated 11[th] May, 2022 issued by the ITJ Section, CBDT, Department of Revenue, Ministry of Finance where the income escaping assessment is less than 50 M. Panda lakhs, notices cannot be issued in terms of para 7.1 of the said Circular. 3. In that view of the matter, the impugned notice (Annexure-1), and all proceedings consequent thereto, including orders and demands are hereby quashed. 4. The writ petition is accordingly disposed of. (Dr. S. Muralidhar) Chief Justice (Dr. S. K. Panigrahi) Judge