JUDGMENT :

ASHOKKUMAR C. JOSHI, J.

1. This petition, under Article 226 of the Constitution of India, is filed by the petitioner- Kottex Industries Private Limited-assessee seeking to quash and set aside the Notice dated 30.03.2019 issued by the respondent authority under section 148 of the Income Tax Act, 1967 (herein after referred to as “the Act”) for the Assessment Year 2014-15, as it has reason to believe that the income chargeable to tax for the assessment year under consideration has escaped assessment within the meaning of section 147 of the Act.

2. The undiluted facts of the case of the petitioner are that the petitioner is a Company incorporated under the Companies Act, 1956. During the Financial Year 2011-12, relevant to Assessment Year 2012-13 (i.e. the year under consideration), the petitioner received share application money to the tune of Rs. 3,25,00,000/- from six different companies. The share application money pending allotment, was duly reflected in the Audited Annual Accounts. In the subsequent Assessment Year i.e. 2015-16, the said share application money was returned to the concerned parties. Thereafter, the petitioner filed its Return of Income (RoI) for the year