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2019 (11) TMI 520 - ITAT CHENNAIStay of demand of disputed tax and interest - Addition u/s 68 - HELD THAT:- Investing entities are having minimal income and the investments made in assessee are preceded by credit of similar amounts in their bank accounts. Thus, the genuineness of these transactions as well credit worthiness of the creditors is doubted by authorities below, Even before us, no such evidences/material is placed to prove to contrary and rather bald statement is made that assessee is not in a position to pay any amount and it is heading for liquidation. No balance sheet/bank statements/ other evidences to prove precarious financial position of the assessee as on date is filed. The assessee could not made out any prima facie case nor is able to show how balance of convenience is in favour of the assessee. Nor the assessee could prove financial difficulties faced by it with evidences such as Balance Sheet/ Bank statements etc as no evidence whatsoever is filed before us to prove financial difficuties faced by it rather only bald statement is made that assessee is heading for liquidation. Rather recent decision of Hon’ble Supreme Court in the case of PCIT v. NRA Iron and Steel Private Limited [2019 (3) TMI 323 - SUPREME COURT] support the stand of Revenue. An application filed by assessee to recall aforesaid judgment of Hon’ble Supreme Court in the case of NRA Iron and Steel Private Limited(supra) has been dismissed by Hon’ble Supreme Court in the case of PCIT v. NRA Iron and Steel Private Limited reported in [2019 (10) TMI 1178 - SUPREME COURT] . Thus, in our considered view , 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 and hence this stay petition stand dismissed.
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