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TMI Blog2020 (2) TMI 1460X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee should not seek adjournment on the date of hearing. In case, the Revenue seeks adjournment, the entire amount will be stayed automatically. Since the date of hearing is mentioned in the stay order, the registry may desist from sending notice of hearing to the parties, i.e., this order should also be construed as notice of hearing. - S.P. No. 50/Chny/2020 [In ITA No. 3374/Chny/2019] - - - Dated:- 14-2-2020 - Shri Mahavir Singh, Vice President And Shri S. Jayaraman, Accountant Member For the Petitioner : Shri G. Baskar, Advocate For the Respondent : Shri A. Sundara Rajan, Addl.CIT ORDER Per Mahavir Singh, Vice President: By way of this stay application the assessee has requested for stay of outsta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and advances, which were not declared in its books of accounts . But , while filing return of income pursuant to search which was filed on 14.11.2015, the assessee did not declare the said surrender of income to the tune of ₹ 20 crores for the impugned ay. The authorities below have discussed the issue in details and have , inter-alia, observed that loss in processing of gold was shown at a very high rate by the assessee and also that the assessee cannot retract from his statement voluntarily recoded during search operations. The assessee s counsel has now claimed before the Bench that said surrender of income was made by assessee in the capacity of Managing Director on behalf of Lalitha Jewellery Private Limited and not in his indi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... into properietory concern of the assessee , namely A K Exports. The assessee is holding more than 10% equity in Lalitha Jewellery Mart Private Limited and hence provisions of Section 2(22)(e) is clearly attracted in view of the authorities below as the money originated from Lalitha Jewellery Mart Private Limited reached properietory concern of the assessee namely A K Exports through circuitous route through sham entities namely Infinity Jewellers and Mariyam Creations. In view of Revenue authorities, it clearly infringed provisions of Section 2(22)(e) of the 1961 Act as both the authorities below have concurrently decided the issue against the assessee which led to additions to the tune of ₹ 76.19 crores in the hands of the assessee b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that assessee has good arguable case and the assessee be allowed to argue its case at the earliest. It was also submitted by learned counsel for the assessee that the assessee has already paid ₹ 9,25,12,716 towards outstanding demand of income-tax and interest against the total demand of ₹ 46,30,29,450/- raised by the AO. Thus , it is submitted that around 20% of the demand raised is already paid to Revenue and prayers are made to stay outstanding demand of tax and interest. The learned counsel for the assessee placed before the Bench, the challans for payment of taxes to the tune of ₹ 9.26 crores post assessment framed by the AO , which challans are now placed in the stay petition file. The assessee has however not filed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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