- (1.) SHRI Shakeel Ahmad, learned counsel for the petitioner assessee submits that in the assessment year 2007 -08 the return of the assessee was accepted with a loss of Rs. 66, 70, 410/ -. The assessment was completed on 24.12.2009.
(2.) A notice was given to the petitioner under Section 148 of the Income Tax Act, 1961 for filing return on the ground that during the course of audit proceedings conducted by RAP it was observed that the assessee had debited an amount of Rs. 5, 87, 16, 000/ -and Rs. 31, 63, 868/ -towards the provisions for Non -Performing Asset which was not allowable under the provisions of Section 36(1)(vii -a) of the Income Tax Act, 1961. Instead of filing return under Section 148, the petitioner - assessee, in view of the judgment in GKN and Dirveshafts (India) Ltd. vs. ITO and other 259 ITR 19, filed objections against the notice dated 23.2.2011. The objections were decided on 19.9.2011, giving rise to this writ petition.
(3.) SHRI Ashok Kumar, learned counsel appearing for the revenue submits that the order is appealable under Section 246(1)(a) of the Act.;