M/s. Swift LLP filed its return of income for A.Y.2023-24, declaring total income of 18 lakhs, on 2nd December 2023. On processing of return, the…

M/s. Swift LLP filed its return of income for A.Y.2023-24, declaring total income of 18 lakhs, on 2nd December 2023. On processing of return, the total income determined under section 143(1)(a) was 22 lakhs, after disallowing claim for deduction under section 10AA on account of late furnishing of return of income. Thereafter, on scrutiny, the Assessing Officer made some additions under section 40(a)(ia) and section 43B and passed an assessment order under section 143(3) assessing total income of 35 lakhs. Later on, the Assessing Officer noticed that some information is flagged for A.Y. 2023-24 suggesting that certain income chargeable to tax had escaped assessment. Based on the said information, notice under section 148 was issued for making reassessment under section 147 after compliance with the requirements stipulated under section 148A. The total income reassessed under section 147 was 42 lakhs. Consider that none of the additions or disallowances made in the assessment or re-assessment as above qualifies under section 270A(6). Based on the facts of the above case scenario, choose the most appropriate answer to Q. 1 to 5 below: