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TMI Blog2018 (7) TMI 1174X X X X Extracts X X X X X X X X Extracts X X X X ..... 7) TMI 1174 - KERALA HIGH COURT - TMI X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessees having failed to produce the documents; should comply with the demand raised subject only to the appeal. In the present case considerable reduction has been made and there need not be any further indulgence extended to them, is the contention. The learned Standing Counsel would also submit that verification of the genuineness of the depositors would require some time and may also warrant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dertakes 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 Fi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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