M/S. INDUSIND MEDIA AND COMMUNICATIONS LTD vs THE ASSISTANT COMMISSIONER OF INCOME TAX 11(1)

Judgment text excerpt

902.WP-649.13(J).DOCX ppn IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION Digitally signed by PRACHI PRACHI PRANESH PRANESH NANDIWADEKAR NANDIWADEKAR Date: 2025.02.21 15:48:25 +0530 WRIT PETITION NO. 649 OF 2013 M/s. Indusind Media & Communications Ltd. In Centre, 49/50, MIDC, 12th road, Andheri (E), Mumbai-400093. …Petitioner Versus The Assistant Commissioner of Income Tax 11(1) Aayakar Bhavan, M.K.Road, Mumbai-400020. …Respondent ______________________________________________________ Mr Mihir Naniwadekar a/w Ruturaj Gurjar, for Petitioner. Mr Suresh Kumar, for Respondent. ______________________________________________________ CORAM: M.S. Sonak & Jitendra Jain, JJ. DATE : 20 February 2025 JUDGMENT (Per Jitendra Jain, J.):- 1. This petition, under Article 226 of the Constitution of India, challenges a notice under Section 148 of the Income Tax Act, 1961 (‘the Act’) dated 30 March 2012 for assessment year 2007-08. Rule and interim relief were granted on 23 June 2014. Brief Facts : - 2. The petitioner filed its return of income on 29 October 2007, which return was revised on 31 March 2009. In the revised computation of income, the petitioner claimed as Page 1 of 12 902.WP-649.13(J).DOCX deduction an amount of Rs.69,88,37,464/- being Inventories, Sundry Debtors, Loans & Advances and Cost of Set Top Boxes written off against the Share Premium pursuant to amalgamation scheme approved by the High Court. The case of the petitioner was selected for scrutiny assessment. 3. On 7 December 2009, the petitioner filed written submissions wherein it had mentioned various write off against the share premium account in accordance with the amalgamation order passed by this Court on 9 February 2007. The petitioner also gave its submissions on business loss &