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2018 (12) TMI 1495 - AT - Income TaxStay of recovery of demand - Addition u/s 68 - Taxing capital gains claimed by the assessee as exempt u/s.10(37) and treating the deposits in bank account from consideration received on such sale as unexplained income of the assessee - stay petitions filed by the assessee - Held that:- Assessee was given opportunity for cross examining Shri. S.D. Sethu. Shri. S.D. Sethu had completely denied paying any money other than C25,00,000/- on 07.01.2008 and feigned ignorance of any other transactions. That apart, lower authorities had also examined the Village Administrative Officer Shri. R. Devaraj who had stated that land was converted to saleable plots, when he conducted inspection in November, 2015. No doubt, Village Administrative Officer did say that the Revenue record reflected it to be agricultural land. However, registered sale deed showed consideration as C23,34,900/- against the claim of the assessee that he had received C1,91,50,575/-. It is difficult to accept the contention of the assessee that he had received anything more than what was mentioned in the conveyance deed. We are thus of the opinion that assessee has been unable to establish a prime facie case. Financial difficulty if any faced by the assessee is also not demonstrated. We are therefore not inclined to grant a stay sought by the assessee - stay petitions filed by the assessee are dismissed.
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