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| The Tax Publishers2020 TaxPub(DT) 0327 (Mad-HC) INCOME TAX ACT, 1961
Section 220
Where assessee had already deposited a sum, it was appropriate to direct assessee to pay a sum of Rs. 1 Crore in three monthly installments before 31st March, 2020 and on such payment, order passed by CIT(A) stands stayed till the disposal of appeal, further, Tribunal was directed to expedite the hearings.
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Recovery of tax - Stay of demand - A sum already deposited by assessee -
Assessee filed the Petition challenging the order of dismissal of stay petition in the tax case appeal filed before the Tribunal. Assessee purchased a property from a company and total cost of property including stamp duty, registration charges, brokerage and commission was Rs. 66,85,22,570. Subsequently, a raid was conducted and found a piece of paper in which a sum of Rs. 80 Crores was mentioned as the cost of the property. Revenue after issuing notice, added Rs. 21.94 Crores as 'unexplained income' and brought amount to tax under section 143(3) read with section 153C/153A. Held: As assessee had already deposited a sum, it was appropriate to direct assessee to pay a sum of Rs. 1 Crore in three monthly installments before 31st March, 2020. On such payment, the order passed by CIT(A) stands stayed till the disposal of the appeal. Further, Tribunal was directed to expedite the hearings.
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
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