9911796707
TMI Blog2019 (11) TMI 1429X X X X Extracts X X X X X X X X Extracts X X X X ..... st amount aggregating to Rs. 15,47,06,467- as reflected in Stay Petition filed with Income Tax Appellate Tribunal, Chennai Benches, Chennai. 2. The back ground of the assessee's case is that the assessee is an individual who sold her property situated at No. 46, Ragaswamy Street, Zamin Pallavaram , Crompet , Chennai ("Crompet Property") to Sri KV.P. Sadayandi & others , vide sale deed registered as document No. 9676/14 dated 20.11.2014 for stated sale consideration of Rs. 28 crores in registered sale deed. There was a search and seizure operations conducted by Revenue u/s 132 of the Income-tax Act,1961 in M/s Pothys Private Limited cases on 18.10.2016. The office premises of M/s Pothy Private Limited at 15, Nageswara Rao Road, T. Nagar, Ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... operations stated that aforesaid seized material contained details of unaccounted money generated through cash sales made out of books of accounts by Pothys Private Limited which were used to make payments of on-money to assessee for purchase of Crompet Property. Based on above disclosures, an amount of Rs. 44,95,37,490/- was admitted as an additional income by Mr S. Ramesh , Managing Director which also covered payments made for purchase of other properties as well aforesaid Crompet property . Later, the buyers offered for taxation income of Rs. 17,57,87,000/- towards unaccounted cash investments made by them in Crompet Property in an application filed before Hon'ble Income Tax Settlement Commission. The AO having jurisdiction over Pothys ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs. 20,97,29,532/- is payable by assessee. The said notice is placed in paper book /page 2. It is submitted before us that properties and bank accounts of the assessee are attached by Revenue. Before us prayers are made that assessee is facing financial difficulties and hence she is not in a position to pay any amount towards income-tax and interest payable by her. However, the assessee has chosen not to file any financial statements/ statement of affairs/Balance Sheet / bank statements etc. before the tribunal to prove that she is facing financial difficulties and irreparable damage will be caused to assessee , if no stay of outstanding tax and interest is granted to her by us. It is also argued by learned counsel for the assessee that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... chase of this property, offer of income made in an application made before Hon'ble Income Tax Settlement Commission by buyers as to undisclosed income invested in purchase of this Crompet property were all looked into by the AO. Similarly, the case of Riveria Properties Private Limited v. ITO in ITA No. 250/Mum/2013 relied upon by learned counsel for assessee is distinguishable as it was a case wherein no independent enquiries were made by the AO . In the instant case before us, there is search and seizure operations conducted by Revenue and there were seizure of incriminating material during the course of search operations. In the said seized material, there is a mention of date wise cash payments made for purchase of Crompet Property in a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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