Tribunal grants Stay Petition with payment conditions. Verify critical documents for accuracy.

The Tribunal allowed the Stay Petition on the condition that the appellant make specified installment payments and continue monthly payments until the appeal's resolution. Verification of critical documents like the affidavit was emphasized for accuracy.

---

---

Issues:
Stay application for outstanding demand of Rs. 93,77,530 based on undisclosed receipts and TDS; Authenticity of affidavit by Shri Manish K. Chatwani admitting ownership of the disputed amount.

Analysis:
The appellant, a partnership firm in the business of clearing and forwarding agency, sought a stay on the demand of Rs. 93,77,530. During assessment, the AO observed a significant discrepancy in the firm's gross receipts and TDS details. While the receipts were Rs. 2,31,54,644, with TDS of Rs. 5,82,192, the appellant had only disclosed a fraction of these amounts. The AO made a substantial addition of Rs. 2,30,35,707 as undisclosed receipts. The appellant claimed that Shri Manish K. Chatwani fraudulently deposited the amount in two bank accounts using the firm's PAN card without their knowledge. An affidavit by Shri Manish K. Chatwani admitted ownership of the disputed amount, but its authenticity was questioned, leading to a verification request. The Tribunal decided to grant stay on the demand with conditions pending verification. The appellant was directed to make two installments of Rs. 10 lakh each by specified dates and continue monthly payments until the appeal's disposal, with stay subject to these conditions. The appeal was scheduled for hearing on 02.07.2015, with adjournments granted only in exceptional circumstances.

In conclusion, the Stay Petition was allowed based on the specified conditions. The Tribunal emphasized the need for timely payments and adherence to the installment schedule until the appeal's resolution. The decision highlighted the importance of verifying critical documents like the affidavit in question to ensure the accuracy of the information presented before the Tribunal.

---