2020 (8) TMI 154

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.... in terms of the provisions of the Income Tax Act, 1961 (in short 'Act'). 3. The first argument advanced by the learned counsel for the petitioner is that that the notice under Section 148 dated 29.03.2019 and addressed to 'M/s. Elektronik Lab India Private Limited', a limited company, quotes a non-existing Permanent Account Number (PAN), being AABCE8131A. Thus, according to him, the very basis of the proceedings for re-assessment stand vitiated. He would also fairly state the following facts:   (i) The petitioner is a limited company in which the deponent in affidavit, Krishnan Nandakumar, is a director. The company holds a PAN being AADCE2492E.   (ii) Krishnan Nandakumar holds a PAN in his individual capacity being AAEPN557....

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....o file it, would not have been accepted by virtue of the mismatch in PAN, the correct PAN of the petitioner/assessee and the wrong PAN quoted in the order of assessment. However, this explanation ought to have been offered before the Assessing Officer immediately upon receipt of the notice under section 148 but has omitted to be done. 7. The proper procedure in the matter of re-assessments has been set out by the Supreme Court in the case of GKN Driveshafts (India) Ltd. V. Income Tax Officer (259 ITR 19) in the following terms: We see no justifiable reason to interfere with the order under challenge. However, we clarify that when a notice under Section 148 of the Income tax Act is issued, the proper course of action for the noticee is to....