Dr.A.K.Jayasankaran Nambiar, J.
This writ appeal preferred by the Revenue assails the judgment
dated 12.01.2024 of a learned Single Judge in W.P(C)No.6742 of
2023.
2. The brief facts necessary for the disposal of the writ
appeal are as follows:
The respondent – writ petitioner is stated to be engaged in the
business of money lending. During the assessment year 2021-2022,
the petitioner had written off a sum of Rs.7,68,97,170/- on account of
an alleged fraud committed by some staff, who had apparently made
false entries regarding gold loans. The said aspect came to be
noticed by the Income Tax Department and the case of the petitioner
was selected for the purpose of a faceless assessment as evident from
Ext.P1 notice. The proceedings thereafter culminated in the passing
of Ext.P14 order, by which the loss that was determined by the
petitioner for the said year was reduced for the purpose of income
tax. Penalty proceedings were also separately initiated under Section
270A of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’
2025:KER:26913
for short) for the alleged under-reporting of income.
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