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2019 (7) TMI 937 - HC - Income TaxStay of demand - Single Judge order directing deposit of 40% of total enforceable demand and to furnish 35% of the enforceable total demand - Reopening of assessment u/s 147 - HELD THAT:- The petitioner filed assessment relating to the assessment year 2010-11 showing NIL income. The case of the petitioner was taken up for reassessment under Section 143(1) and further u/s 147 the assessment was reopened and demand was raised. Against the reopening and re-assessment the petitioner filed appeal before the Appellate Authority. Along with the appeal, the petitioner also filed an application seeking for stay of the entire enforceable demand. The petitioner had also deposited 20% of the demand before the Appellate Authority. On the stay application of the appellant, order was passed under Section 220(6) of the Act. In the order it is noticed that based on the material, ACIT was of the view that it is a fit case for recovery of the entire demand raised, since the assessee had failed to prove genuineness of the credits in the Books of Accounts. The assessee could not prove the identity, creditworthiness of the Companies, who contributed to the share capital as well as the genuineness of the transaction. Taking note of the petitioner’s argument and taking note the Circular No.1914, the learned Single Judge modified the order of the Assistant Commissioner passed under Section 220(6) demanding the entire enforceable demand to that of deposit of 40% of the total enforceable demand and furnishing of security to an extent of 35% of the enforceable total demand which in our view is an equitable order passed by the learned Single Judge. Petitioner has not made out any good ground to interfere with the equitable order passed by the learned Single Judge.
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