9911796707
TMI Blog2023 (6) TMI 1429X X X X Extracts X X X X X X X X Extracts X X X X ..... seeking stay of collection of demand. However, the first respondent while entertaining the stay application directed the petitioner to pay 20% of the demand amount, which was passed elaborately on merits keeping in mind the economic condition of the petitioner. The order being a reasoned one and assessing the status and financial condition of the petitioner, as only 20% of the entire demand amount is directed to be deposited, this Court is of the view that the said discretion of the first respondent order is just and reasonable, which cannot be interfered with. Hence, this Court in not inclined to grant any affirmative direction in favour of the petitioner. X X X X Extracts X X X X X X X X Extracts X X X X ..... f the present company of Elgi Rubber Company Limited. 3. Subsequently, the income tax return was filed in the present PAN (AABCE9569M) with regard to Elgi Rubber Company Limited for the assessment year 2015-16 on 26.11.2015. Thereafter, a notice u/s. 148 of the Income Tax Act, 1961 was issued on 29.03.2021 on the ground that the petitioner was involved in financial transactions during FY 2014- 15, since the TreadsDirect Limited (PAN:AAACE9328C) is non-existent, could not file the return. The second respondent issued show cause notice dated 23.03.2022 and the assessment u/s. 147 r/w 144 r.w 144B was completed on 29.03.2022 with addition to a sum of Rs. 5,13,82,411/- u/s 69A of the Act. The petitioner filed rectification petition dated 26.04 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any (AAACE9328C) was given by the deductors while filing their TDS statements which resulted in the amounts getting credited to the Form No.26AS of the assessee company. He further contended that the assessee company ceased to exist w.e.f. 01.04.2010 and was not at all in existence during the financial year 2014-15, it is unambiguous that the financial transactions referred to do not belong to the assessee company. It belonged to a ground company named M/s.Treads Direct (India) Ltd and the said company had already reported the Income from these transactions in its ROI. Therefore, the addition made in the hands of the assesses company is not warranted. Hence, rejecting the stay petition filed by the petitioner by a cryptic, non speaking orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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