1999 (3) TMI 114

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..... rt are that same is not to be returned to assessee till further orders. It was further stated that the appeal of the State and of Shri Gunwant Lal, who claims to be the real owner and revision petition of the applicant are pending for disposal before the Hon'ble High Court. The value of the impugned gold is being assessed in the hands of Shri Gunwant Lal. It was further stated that the gold is already in possession of Collector of Chittorgarh and there is no any other source for payment of such a huge demand. It was further submitted by the learned authorised representative that the similar issue was involved in case of other person and the Indore Bench of the Tribunal has confirmed the addition in that case. The case is reported in 58 ITD .....

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..... of assessee. In case of CIT vs. Bansidhar Sons and CIT vs. Chathuram Bhadani, etc. reported in the Hon'ble Supreme Court has held that "In an appropriate case, if the assessee feels that a stay of recovery pending disposal of the reference is necessary or is in the interest of justice, then the assessee is entitled to apply before the appellate authority to grant a stay until disposal of the reference by the High Court or until such time as the appellate authority thought fit. But in case the appellate authority acted without jurisdiction or in excessive jurisdiction or in improper exercise of the jurisdiction, then the decision of such appellate authority can be corrected by the High Courts by issuing appropriate writs under Arts. 226 .....

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..... case the reference applications are pending before the Hon'ble jurisdictional High Court and pendency of reference application does not detract from that jurisdiction of the Tribunal. Therefore, in our considered view the matter regarding stay of recovery of demand rests only with the Tribunal and by exercising the powers vested in Tribunal as per the decision of the apex Court, we are of the view that the recovery of the demand should be stayed till the disposal of the reference application before the High Court. However, the assessee is directed not to dispose of any movable/immovable assets till the disposal of the reference application. The assessee is further directed to furnish an undertaking to this effect before the AO, if not furni .....

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