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TMI Blog2019 (3) TMI 650X X X X Extracts X X X X X X X X Extracts X X X X ..... ther recoveries of disputed tax would be stayed pending appeals. In this context, we take note of the contention of the learned counsel for the petitioners that the Assessing Officer has made major additions on the ground that the receipts in the hands of the individual assessee upon sale of shares was a business income. The question of correctness of Assessing Officer's additions on the head of 'sale of shares' would have to be examined at length which obviously in these proceedings, we are not inclined to do. All the petitioners between them shall deposit a further sum of Rs. Two crores with the department latest by 25.3.2019.The attachment of the bank accounts of all the petitioners shall stand revoked forthwith. - WRIT PETITION NO. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aining recoveries would be stayed. When the petitioner approached the Principal Commissioner, he passed the impugned order dated 19.12.2018 in which he observed and directed as under :- 3. The submissions made by assessee regarding demand raised and paid, were found to be correct by AO. 4. The assessee has raised objections to the additions made by the AO which are subject to appeal before the Ld. CIT(A). The hearing in this case is under way, and it would not be appropriate on my part to comment at this juncture on the issues raised in the matter. However, the AO is directed to give remand report pending, if any, to the Ld. CIT(A) by 28th December, 2018. 5. The Addl. CIT, C.R. 3, Mumbai, is directed to request the Ld. CIT(A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. On the other hand, learned counsel Mr. Mohanty submitted that the condition of depositing 20% of the disputed tax demand is reasonable one. The petitioners have not shown any financial hardship. They must, therefore, be directed to fulfill such condition. 7. Having thus heard the learned counsel for the parties what broadly emerges is that the petitioners' appeals are at advance stage of hearing before the Appellate Commissioner. However, in view of the clarification of the learned counsel for the petitioners that in case of the company, the Appellate Commissioner may have to call for remand report, the final outcome of such appeals, may not be available for at least a few months from now. We shall, therefore, have to provide ..... X X X X Extracts X X X X X X X X Extracts X X X X
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