A.J SHASTRI, J.

The petitioner by way of present petition has challenged the legality and validity of the impugned notice issued under Section 148 of the Income Tax Act, 1961 [‘the Act’ for short] and the order passed by the authority rejecting the objections raised by the petitioner dated 06.08.2010

2. Brief facts are as under:

The petitioner is a private limited company and a non-banking financial corporation registered with the Reserve Bank of India right from September 2001. The petitioner filed its return for the assessment year 2005-06 on 31.10.2005 showing total income of Rs.24,41,300/- and the said return has been submitted along with a detailed computation of income, copy of accounts including profit and loss and balance sheet and in addition thereto, a copy of audit report under Section 44AB.

3. The petitioner was, during the assessment proceedings, asked to furnish detail particulars by way of issuing notice under Section 142(1) on 29.01.2007 inter alia asking the petitioner to clarify 17 points enumerated in the said notice. One of the points which was a cen