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TMI Blog2018 (8) TMI 1152X X X X Extracts X X X X X X X X Extracts X X X X ..... d Single Judge reduced it to 20%. - Held that:- Considering the entire circumstances as also the failure of the assessee to produce the details at the first stage, we are of the opinion that the assessee will have to make a deposit of 1% of the tax addition made under Section 68 of the Act within a period of one month from the date of receipt of a certified copy of this judgment. - WA. No. 1437 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ay on condition of payment of 50% of the amounts. The learned Single Judge reduced it to 20%. The appellant-Bank is before us claiming impecunious circumstances and the possibility of close-down, if such huge amounts are directed to be paid. 2. The assessments were made after issuance of notice under Section 143 of the Act. The assessee-Bank produced Audit Certificates but did not produce the d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the earliest; without any amounts being deposited. 4. The learned Standing Counsel with equal vigor opposed the prayer and submitted that what was attempted to be checked is the laundering of black money, for which the Co-operative Banks are a major conduit. It is also submitted that the assessee having failed to produce the documents; should comply with the demand raised subject only to the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to the assessee to produce the details of deposits. 6. To avoid any recalcitrant attitude by the assessee, we directed the learned Counsel to file an affidavit of undertaking, which has been done by the Secretary of the appellant-Bank, in this appeal before us. The affidavit categorically undertakes to produce the details of the deposits before the First Appellate Authority. The assessee wou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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