9911796707
TMI Blog2015 (3) TMI 104X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment year 2010-2011 in terms of demand notice dated 20.03.2014, pending disposal of the appeal filed against the Assessment Order dated 20.03.2014 before the second respondent. 2.The petitioner, a Private Limited Company registered under the Companies Act, 1956. As an assessee, the petitioner has filed its return for the assessment year 2010-2011 which is in question. The third respondent issued a show cause notice dated 10.03.2014 to the petitioner, for which a reply was sent on 13.03.2014 by the petitioner. The authority has passed an Assessment Order confirming the assessment in the show cause notice and they have also made a demand notice on 20.03.2014, directing the petitioner to pay Rs. 10,74,60,450/- wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the impugned order, the entire amount originally assessed, which was over and above Rs. 10 crores was attached by the respondents. The contention of the petitioner is that the petitioner has approached before this Court, challenging the impugned order on various grounds and the filing of the writ petition has been intimated to the Authority concerned and the Authority should have waited for the hearing of the matter and should not have attached the entire amount of over Rs. 10 crores. Learned counsel for the petitioner has further contended that no opportunity was given to the petitioner before attaching the entire amount and when the authority took more than 7 years to communicate the order, they could have wait for f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uling in the case of North Arcot District Co.operative Supply & Marketing Society Ltd., vs. CIT. In that case, there was a deficit of stock at the year end and the assessee created a reserve for the same, while at the same time showing the stock at original level in the books of accounts. The assessee therein created reserves for the deficit in stock without writing off the stock in the books, although there was a deficit in the stock and the stock never existed to that extent. 8. In the present case on hand, being an Electronics Industry, certain items become obsolete and the petitioner has to make necessary provision to write down the value of such items in the books of accounts, which is essentially as per Accoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Authorities in not allowing the parties to raise objection nor considering the same, the amounts are being ordered to be attached and on that technical ground, the entire efforts taken by the Authorities had to fall to ground. 12. I reiterate that without going into the merits of the case, I am of the view that an opportunity should be given to the petitioner and that the matter should be heard afresh and orders to be passed in accordance with law. Of course, the Authority is empowered to pass an interim order, but a detailed order has to be passed after considering the points raised by the petitioner. 13. In view of the discussions made supra, the impugned order is set aside and the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
