Saumitra Dayal Singh, J. - (1.) Heard Shri Rakesh Ranjan Agrawal, learned Senior Advocate assisted by Shri Suyash Agrawal, learned counsel for the petitioner and Shri Praveen Kumar, learned counsel for the department.
(2.) This writ petition has been filed against the initiation of reassessment proceedings for the Assessment Year 2009-10 under the Income Tax Act, 1961 (hereinafter referred to as the 'Act'), vide notice dated 23.03.2016. The petitioner is a company. It is a 100 percent Export Oriented Unit engaged in the manufacture of textile narrow woven fabrics, cords, laces, yarn etc. It also has a unit engaged in dyeing and processing yarn, narrow woven fabrics etc., on job work basis.
(3.) For the assessment year 2009-10, the petitioner filed its e-return of income disclosing total income Rs.24,18,597/-. Upon scrutiny assessment being made under Section 143 (3) of the Act, the income of the petitioner was assessed at Rs. 25,94,450, vide assessment order dated 28.12.2011.;