TMI Blog2018 (7) TMI 1174X X X X Extracts X X X X X X X X Extracts X X X X ..... eposits. 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. Assessees would also produce any further details required by the First Appellate Authority or the Assessing Officer 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. Considering all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 143 or Section 142 of the Act. The assessees/Co-operative Banks produced Audit Certificates but did not produce the details of the persons, who have made deposits with them. The Income Tax Officer, drawing adverse inference, treated the deposits as unexplained cash credits and assessed the same under Section 68 of the Act. The assessees filed appeal and then challenged the conditional order as stated above. 3. Before us also the learned Counsel appearing for the assessee's vigorously argued for a blanket stay and undertook that the entire details will be produced before the First Appellate Authority. It is pleaded that only due to ignorance, earlier the details were not furnished before the Assessing Officer. The First Appellate Auth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted 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 the Assessing Officer 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. 7. Considering the entire circumstances as also the failure of the assessees to pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
