ORDER :

The writ on hand is filed by the petitioner, challenging the notice issued under Section 148 of the Income Tax Act, 1961 [hereinafter referred to as the 'Act', in short] and the consequential proceedings dated 06.08.2018 issued disposing of the objections submitted by the petitioner.

2. The petitioner-Company filed the Return of Income for the assessment year 2013-2014 on 31.03.2015. The Return was duly processed under Section 143(1) of the Act. The case was selected for scrutiny assessment by issue of notice under Section 143(2) of the Act and the assessment order was passed by the Competent Authority on 31.03.2016.

3. The petitioner states that in the assessment order dated 31.03.2016, the Assessing Officer reassessed the total income at Rs.3,68,43,816/- and increased the net balance tax payable to Rs.96,15,940/-. Out of the total addition made, an amount of Rs.1,23,58,000/- was made according to Section 56(2)(viib) of the Income Tax Act, 1961 on the ground that the petitioner-Company has issued 6,00,000 equity shares of face value of Rs.10 at a premium of Rs.90/-. The A