ORDER :

Pankaj Mithal, J.

1. Petitioner is a private limited company engaged in manufacturing of marble slabs and tiles. It filed its income tax return for the assessment year 2017-2018 and the same was processed under Section 143(1) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) and an intimation regarding acceptance of ‘nil’ tax liability was issued to it on 22.06.2018 by the Centralized Processing Centre of the Income Tax Department.

2. The petitioner received a notice dated 30.03.2021 under Section 148 of the Act for reopening of its assessment for the year 2017-2018 on the ground that there are reasons to believe that its income for the relevant year has escaped assessment.

3. On petitioner’s request, it was supplied with the reasons for issuing the said notice vide letter dated 24.05.2021. The said reasons stated that the petitioner had received bogus loan/sale/purchase amount of Rs.93,21,520/- (Rs.89,97,520+ Rs.3,24,000) from M/s. Sanmati Gems Private Limited as per the information received from the Deputy Director of Income Tax, Investigation, Unit-4(4), Mumbai.

4. The petitioner on receipt of the above reasons for reopening its case under Section 148 of the