Y.R.Meena, J. - (1.) By this petition, the petitioner has challenged the notice dated December 24, 1997, issued under Section 158BC/BD of the Income-tax Act, 1961 (hereinafter referred to as Act of 1961), and prayed that the said notice be quashed.
(2.) The petitioner is a private limited company within the meaning of the Companies Act, 1956, and the company was incorporated on March 11, 1993. The assessee carries on business of trading in shares and securities and commodities and also make investments from time to time. The petitioner company's issued and subscribed share capital is Rs. 48,52,000 of which Rs. 15,02,000 was raised by March 31, 1994, and Rs. 55,50,000 was raised during the financial year March 51, 1996. Its shareholders are income-tax assessees and subscribed to the share capital by account payee cheques and the shares held by them are duly reflected in their accounts filed with their respective Assessing Officers.
(3.) The assessee has filed the income-tax return for the assessment year 1994-95 disclosing a loss of Rs. 11,650- An intimation under Section 143(1)(a) of the Act of 1961 has been issued on March 27, 1997, accepting the returned loss.;