J U D G M E N T

The petitioner is an assessee under the Income Tax Act .

During the assessment year 2008-2009, there was a search and seizure operation in the premises of the petitioner on 11.10.2007. Following the said search operation, the petitioner company filed its return on 30.09.2008 admitting a total income of Rs.38,37,69,710/-. The return filed by the petitioner was subjected to scrutiny pursuant to a notice under Section 142 (1) dated 27.08.2009. The petitioner was asked to submit an explanation including the details of loans and computation statement of profit on sale of land shown in the profit and loss account to the tune of Rs.38,29,33,402/-. Ext.P1 is the notice issued to the petitioner. The petitioner filed his reply to the said notice, enclosing a copy of a calculation statement of capital gains, including therein a detailed break up of the figures. The said reply is produced as Ext.P2. Inasmuch as the Department was not satisfied with the said explanation of the petitioner, a further notice under Section 142 was issued to the petitioner, seeking for some more clarifications. The said notice is produced as Ext.P3. The petitioner, therefore, filed another reply dated