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2019 (11) TMI 1429 - ITAT CHENNAIStay of demand of disputed tax and interest - unaccounted cash income generated through unaccounted cash sales - search and seizure operations - on-money paid in property transactions over and above value recorded in registered sale deed - HELD THAT:- Enquiries were made by the AO as to guideline value which was found to be in excess of value as shown in registered sale deed, recording of statement of three personnel’s of Pothys Private Limited, surrender of income by buyers towards purchase of this property, offer of income made in an application made before Hon’ble Income Tax Settlement Commission by buyers as to undisclosed income invested in purchase of this Crompet property were all looked into by the AO. There is search and seizure operations conducted by Revenue and there were seizure of incriminating material during the course of search operations. In the said seized material, there is a mention of date wise cash payments made for purchase of Crompet Property which was found to be over and above sale consideration of ₹ 28 crores as mentioned in registered sale deed. The guideline value of property was found to be in excess of value mentioned as sale consideration in the registered sale deed. The statements of three personnel of Pothys Private Limited namely Managing Director, Chief Accountant and Account Assistant were recorded by Revenue and all of them have deposed that the details mentioned in the seized material are unaccounted cash income generated through unaccounted cash sales made by Pothys Private Limited. There was an surrender of ₹ 44,95,37,490/- made by Managing Director of Pothys Private Limited towards unaccounted investments made in purchase of properties. There was a offer for taxation made by the buyers to the tune of ₹ 17,57,87,000/- towards unaccounted cash investments in Crompet Property in an application filed before Hon’ble Income Tax Settlement Commission. There are no such retraction of statements made by these three personnel’s of Pothys Group who deposed before Revenue during the course of search operations , as per facts emanating from records. Thus, no case whatsoever has been made by assessee for stay of demand on all the grounds of Prima-facie case, balance of convenience, irreparable loss and financial difficulties before us and hence this stay petition filed by assessee lacks merits and stand dismissed.
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