ORDER

This writ is filed to quash the impugned order dated 31.12.2019 passed under Section 143(3) in DIN & Order No.ITBA/AST/S/143(3)/2019-20/1023518359 for Assessment Year 2017-2018.

2. Heard Mr.P.S.Raman, M/s.Raman & Associates, the Learned Senior Counsel appearing for the petitioner and Mr.N.Dilip Kumar, the Learned Standing Counsel appearing for the respondent and perused the material documents available on record.

3. The brief facts as stated in the affidavit is that the writ petitioner company is non-deposit taking Non-Banking Financial Company (NBFC) having license from the Reserve Bank of India (RBI) for functioning as a Micro Finance Institution (MFI) registered with RBI in Registration Number: B-07.00537. Being a NBFC-MFI entity, the loans were mostly made to individual members from ‘Women Joint Liability Groups’ for small ticket size ranging from Rs.10,000 to Rs.50,000 with fortnightly repayments, which is transacted in small cash denominations. There are about three lakh women borrowers taking loans from the entity in 100 branches.

4. During the demonetization period (i.e. between 08.11.2016 to 31.12.2016) the petitioner deposited the cash available with it and the cash col