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2014 (7) TMI 691 - MADRAS HIGH COURTStay application – Addition made u/s 68 as unexplained credit – High variation seen in income shown as return and assessment order – Held that:- The assessees are individual and since there was an escapement of income, for reasons recorded as provided u/s 147 of the Act, notice was caused to them u/s 148 of the Act and after affording them an opportunity, the assessment was finalised and those assessment orders were put to challenge by filing appeals before the third respondent - During pendency of the appeals, the petitioners invoked the jurisdiction of the first respondent praying for stay of the operation of the assessment orders, who has taken into consideration the latest Circular, negatived the relief - the assessees are not running commercial business and that they are only individual assessees and also taking into consideration the fact that the difference between the income shown in the returns and assessment orders was very high, the interim relief can be granted to the assessees subject certain conditions – Stay granted.
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