TMI Blog2019 (12) TMI 1452X X X X Extracts X X X X X X X X Extracts X X X X ..... st thereon. After hearing both the parties and keeping in view entire factual matrix of the case and as per detailed discussions above, we are inclined to grant early hearing of the appeal which is now fixed for hearing before Regular Bench on 13th January 2020 and till then we direct Revenue not to take coercive action against the assessee for recovery of outstanding demand. Registry is directed to issue notice to both the parties fixing appeal . - Stay Petition No.326/Chny/2019 (In ITA No.3374/Chny/2019) - - - Dated:- 20-12-2019 - Shri N.R.S. Ganesan, Judicial Member And Shri Ramit Kochar, Accountant Member For the Appellant : Mr. K. Mahendran, Advocate For the Respondent : Ms. R. Anitha, JCIT ORDER Per Ramit Ko ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... crores for the impugned ay. The authorities below have discussed the issue in details and have , inter-alia, observed that loss in processing of gold was shown at a very high rate by the assessee and also that the assessee cannot retract from his statement voluntarily recoded during search operations. The assessee s counsel has now claimed before the Bench that said surrender of income was made by assessee in the capacity of Managing Director on behalf of Lalitha Jewellery Private Limited and not in his individual capacity. It is explained by learned counsel for the assessee that assessee albeit per-se did not retracted from his statement recorded during search conducted u/s 132 of the 1961 Act but non disclosure of said surrendered income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s below as the money originated from Lalitha Jewellery Mart Private Limited reached properietory concern of the assessee namely A K Exports through circuitous route through sham entities namely Infinity Jewellers and Mariyam Creations. In view of Revenue authorities, it clearly infringed provisions of Section 2(22)(e) of the 1961 Act as both the authorities below have concurrently decided the issue against the assessee which led to additions to the tune of ₹ 76.19 crores in the hands of the assessee by invocation of provisions of Section 2(22)(e) of the 1961 Act. The learned counsel for the assessee placed before the Bench , Balance Sheet of the said Lalitha Jewellery Mart Private Limited which has reserves and surplus to the tune of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f income-tax and interest against the total demand of ₹ 46,30,29,450/- raised by the AO. Thus , it is submitted that around 20% of the demand raised is already paid to Revenue and prayers are made to stay outstanding demand of tax and interest. The learned counsel for the assessee placed before the Bench, the challans for payment of taxes to the tune of ₹ 9.26 crores post assessment framed by the AO , which challans are now placed in the stay petition file. The assessee has however not filed any financial statements / Balance sheet etc before the Bench to prove financial difficulties. The learned DR objected to grant of stay of outstanding demand of income-tax and interest thereon. After hearing both the parties and keeping in v ..... X X X X Extracts X X X X X X X X Extracts X X X X
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