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TMI Blog2022 (3) TMI 306X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment proceedings. This Court is further of the view that no useful purpose would be served by giving an opportunity to file a counter affidavit. Accordingly, the said request of learned counsel for the respondent is declined and the impugned notice dated 28th March, 2021 and the order disposing objections dated 27th December, 2021 are quashed. - W.P.(C) 1409/2022 & CM APPL.4052/2022 - - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ounts. He points out that it is apparent from the audited profit loss account that the petitioner has not made any claim of contingent liabilities of ₹ 1,54,05,798/- (as per Note 24 to audited accounts) as revenue expense. He states that the same was disclosed by way of a written note in accordance with the requirements of applicable Accounting Standards i.e. AS-29. 3. Learned counsel f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e to file a counter affidavit. 5. Upon perusal of the paper book, this Court finds that the order dated 27th December, 2021 disposing of the objections filed by the petitioner does not deal with any of the contentions or submissions advanced by the petitioner. 6. In fact, the impugned order is based on the premise that the contingent liability has been claimed as revenue expense! In the opin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he said request of learned counsel for the respondent is declined and the impugned notice dated 28th March, 2021 and the order disposing objections dated 27th December, 2021 are quashed. 10. However, in the event the Assessing Officer has some fresh material, he shall be at liberty to take action in accordance with law. In the event such an action is taken, the petitioner shall be at liberty to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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