9911796707
TMI Blog1982 (3) TMI 151X X X X Extracts X X X X X X X X Extracts X X X X ..... unt or Rs. 85,919 was surrendered for being taxed under the IT Act for the asst. yr. 1967-68. The said amount was permitted to be capitalised and accordingly an entry was made in the books of account on 24th Mar, 1975. The settlement petition was with regard to the assessment of income as well as its inclusion in the wealth tax for the relevant assessment years upto the asst. yr. 1971-72. There was no settlement for the asst yrs. 1973-74 to 1975-76 under consideration. Wealth of Rs. 85,919 was not disclosed by the assessee in the return of net wealth for these three assessment years. The WTO sought to include the asset of Rs. 85,919 in the net wealth of the assessee for the three assessment years. The assessee, however, claimed that on acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the liability was admissible or not in computing the net wealth of the assessee. It upheld the order of the CIT(A) sustaining the penalties imposed by the WTO. The assessee subsequently moved a miscellaneous application stating that the orders of the Tribunal in quantum appeals as well as various other orders of the Tribunal on the issue were not considered by the Tribunal and, therefore, prayed that the Tribunal should rectify its earlier order by considering the orders in quantum appeals etc., Copies of the orders in quantum appeals were filed at the time of hearing of the miscellaneous application. The Miscellaneous applications was opposed by the Revenue. It was contended on behalf of the Revenue that there was no mistake apparent for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Tribunal has accepted the appeals of the assessee in the quantum appeals and there is difference of opinion amongst the Members on the Miscellaneous Application, we are of the opinion that part of the demand should be stayed in the peculiar circumstances. Taking into consideration all the facts as pointed out above, we stay demand of Rs. 85,919 for the asst. yr. 1975-76 till the decision of the third Member on the Miscellaneous Application. The balance of the unpaid demand of Rs. 1,21,838 for the remaining two years, i.e. 1973-74 and 1974-75 shall be paid by the assessee. The assessee shall furnish adequate securities for the demand stayed till the decision of the 3rd Member to the satisfaction of the WTO. If the assessee failed to pay ..... X X X X Extracts X X X X X X X X Extracts X X X X
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