9911796707
TMI Blog2020 (11) TMI 264X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Income Tax Act [Act] in pursuant to the search and seizure action carried on 27-08-2009. 2. The Ld.AR of the assessee has submitted that after the relief granted by the CIT(A), the total disputed demand in these cases for three years is Rs. 1.85 Crores, however, the majority of the demand is arising from the additions made by the Assessing Officer, without any incriminating material found or seized during the course of search and seizure action or post search enquiries, but all these items were already recorded in the books of accounts of the assessee and the assessment for the AYs.2005-06 and 2006-07 were not pending on the date of search. Hence, the Ld.AR has submitted that when the assessment years for the AYs.2005-06 and 2006-07 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stay may be granted only after the payment of at-least 20% of the outstanding demand. 4. We have considered the rival submissions as well as relevant material on record. The demand-in-question has arisen due to the addition made by the Assessing Officer in the assessment proceedings u/s.153A of the Act. Though, the assessee has raised the objection against the validity of the additions made by the Assessing Officer for the AYs.2005-06 and 2006-07 for want of any incriminating material found or seized during the course of search u/s.132 of the Act, disclosing any un-disclosed income, however, at the stage of deciding the stay petitions, it is not possible to express any opinion on this aspect as it requires a detailed examination and analy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 20 in the category of the stay granted matter and out of turn hearings. Both the parties have noted the date of hearing of the appeals and therefore no separate notice need be issued. It is clarified that if the department finds that the claim of assessee of payment of Rs. 43.18 Lakhs is not correct, then, the department is at liberty to bring the correct facts on record by moving an application and for modification of the order. The parties are directed to file Paper Books, if any, well in advance and supply the copy to the other party. The adjournment of hearing shall not be entertained, except in some unavoidable circumstances. 5. In the result, all the stay applications are allowed. Order pronounced in the open court on 6th November, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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