9911796707
TMI Blog2000 (7) TMI 238X X X X Extracts X X X X X X X X Extracts X X X X ..... 2000 for the block period 1988-89 to 1997-98. In this stay petition the assessee seeks the Tribunal to stay an outstanding demand of Rs. 12,47,770 which is inclusive of both tax and interest. The assessee has already paid amount of Rs. 47,858 only. 4. We have heard the arguments of the sides and also perused the records. 5. The learned authorised representative of assessees has contended that the additions in the two block assessments have been made without there being any incriminating documents or paper found during the course of search. He has contended that the said additions can be considered in regular assessment only and not in the special assessment framed under s. 158BC of IT Act, 1961. He has also contended that the returns of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n record. In the two cases in hand the undisclosed incomes returned by the assessees were nil whereas the assessments were made at huge incomes which after first appellate orders stand computed at Rs. 75.44 lacs and Rs. 18.93 lacs, respectively. The Hon ble jurisdictional High Court has considered the CBDT s Instruction No. 96, dt. 21st Aug., 1969, and has held that where the income determined on assessment was substantially higher than the returned income, say, twice or more, the collection of tax in dispute should be held in abeyance till the decision of the appeal. In that view of the matter we need not further enter into discussion of merits and considering all the facts and circumstances of the case and respectfully following the afore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fault in respect of the amount disputed in the appeals filed under s. 246 as long as such appeal remains undisposed of subject to such conditions as he may think fit to impose in the circumstances of the case. Even the CBDT has spelt out its intention in no unclear terms in para 3 of the said circular which is reproduced below: "The Board desired that the above observations may be brought to the notice of the ITOs working under you and powers of stay of recovery in such cases upto the stage of first appeal may be exercised by AAC/CIT". Thus, it is very clear that the aforesaid circular (Instruction No. 96) issued by the CBDT is attracted to a case where s. 220(6) is involved and the stay provision can be invoked when appeal under s. 246 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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