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TMI Blog2014 (4) TMI 170X X X X Extracts X X X X X X X X Extracts X X X X ..... 3, 18.9.2013 and 30.3.2013, Annexures P.1 to P.3 respectively passed by the respondent-authorities raising demand of Rs. 1,28,36,480/- against the petitioner. Further prayer has been made for restraining the respondents from taking coercive action for recovery of the amount till the disposal of the appeal of the petitioner before respondent No.4. 3. Briefly, the facts necessary for adjudication of the controversy involved, as available on the record may be noticed. The petitioner is an individual. Return declaring income of Rs. 19,93,025/- was filed on 19.4.2010 which was processed under section 143(1) of the Act on 19.4.2011. The case was selected for scrutiny. Notice under section 143(2) of the Act was issued on 27.8.2011.The assessee is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs. 64,18,240/- through two installments at the rate of Rs. 32,09,120/- each on or before 24.12.2013 and 24.3.2014 respectively. The application for stay of demand before the Commissioner of Income Tax II was dismissed vide order dated 22.10.2013, Annexure P.1. Hence the present petition. 4. We have heard learned counsel for the parties and perused the record. 5. Learned counsel for the petitioner submitted that the Assessing Officer had passed the assessment order raising a huge demand in an arbitrary manner without application of mind. It was also submitted that the respondents had erred in refusing to grant unconditional stay of collection and recovery of the demand contrary to the CBDT instructions. Reliance was placed on judgment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as compensation out of which TDS of Rs. 96,80,881/- was deducted as per provisions of Section 194LA of the Act. The assessee showed long term capital gain of Rs. 8,32,58,783/- on the amount of compensation in the income tax return. As per provisions of Section 10(37) of the Act, the capital gains could be treated as exempted if the land acquired was being used for agricultural purposes during the period of two years immediately preceding the date of transfer. It may be noticed that from perusal of Annexure P.17, return for the assessment year 2007-08, in Column No.24, agricultural income shown was nil whereas in the computation chart appended alongwith the said Annexure, agricultural income has been shown to be Rs. 4900/- only. Further on a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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