JUDGMENT :

ASHOKKUMAR C. JOSHI, J.

1. This petition, under Article 226 of the Constitution of India, is filed by the petitioner – Anderson Biomed 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 IT Act”) for the Assessment Year 2012-13, 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 IT Act.

2. The facts, as emerge from the record, are that the petitioner is a Company incorporated under the Companies Act, 1956. During the Financial Year 2010-11, relevant to Assessment Year 2011-12, the petitioner entered into certain commodities transactions through broker namely “AA Plus Shares Brokers Pvt. Ltd.” (herein after referred to as “the broker company”) in which, the petitioner incurred loss and eventually, an amount of Rs.2,07,92,029/- became payable to the broker company, which remained outstanding even on 31.03.2011 and was reflected in Schedule-9: Sundry Creditors forming part of the Audited Annual Accounts. Such amou