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2018 (7) TMI 1853 - HC - Income TaxStay of demand - payment of 20% of the demand made under Section 68 - Co-operative Banks claiming impecunious circumstances and the possibility of imminent close-down, if such huge amounts are directed to be paid - Held that:- As noticing the fact that the assessee are Institutions in the Co-operative sector and taking note of its members who are from the general public as also from the marginalised sections, we are of the opinion that an opportunity could be afforded to the assessee to produce the details of deposits. To avoid any recalcitrant attitude by the assesses, we directed the learned Counsel to file an affidavit of undertaking, which has been done by the respective Secretaries in the three appeals before us. The affidavit categorically undertakes to produce the details of the deposits before the First Appellate Authority. The assessees would also produce any further details required by the First Appellate Authority or AO on a report being called for by the First Appellate Authority. The same shall be done within the time stipulated by the First Appellate Authority or the Assessing Officer on directions of the First Appellate Authority. In any event, we do not think that a blanket stay can be granted. Failure of the assessee to produce the details at the first stage, we are of the opinion that the assessees will have to make a deposit of 1% of the tax addition made under Section 68 of the Act within a period of one month from the date of receipt of a certified copy of this judgment.
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