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TMI Blog2018 (12) TMI 1495X X X X Extracts X X X X X X X X Extracts X X X X ..... R V Sreenivasan, JCIT ORDER PER ABRAHAM P. GEORGE, ACCOUNTANT MEMBER Assessee through this stay petitions pleads for stay of recovery of tax and interest aggregating C43,77,773/- for assessment year 2008-09 and C80,60,728/- for assessment year 2009-2010. 2. When the stay petition was called up for hearing nobody appeared for the assessee. 3. We find from the stay petition that demand for both ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m of C50,00,000/- on the date of agreement. Assessee claimed that deposits made on various dates in the bank account, mentioned hereunder represented consideration received from Shri. S.D. Sethu and Shri. Palani. Date of receipt Amount (C) 04.03.2008 25,00,000 15.03.2008 7,00,000 24.07.2008 50,00,000 02.08.2008 20,00,000 05.09.2008 15,00,000 11.09.2008 10,00,000 11.09.2008 22,00,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of any other transactions. That apart, lower authorities had also examined the Village Administrative Officer Shri. R. Devaraj who had stated that land was converted to saleable plots, when he conducted inspection in November, 2015. No doubt, Village Administrative Officer did say that the Revenue record reflected it to be agricultural land. However, registered sale deed showed consideration as C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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