1999 (3) TMI 114

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....nd the orders of the Rajasthan High Court are that same is not to be returned to assessee till further orders. It was further stated that the appeal of the State and of Shri Gunwant Lal, who claims to be the real owner and revision petition of the applicant are pending for disposal before the Hon'ble High Court. The value of the impugned gold is being assessed in the hands of Shri Gunwant Lal. It was further stated that the gold is already in possession of Collector of Chittorgarh and there is no any other source for payment of such a huge demand. It was further submitted by the learned authorised representative that the similar issue was involved in case of other person and the Indore Bench of the Tribunal has confirmed the addition in tha....

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....the additions were made in the hands of assessee. In case of CIT vs. Bansidhar & Sons and CIT vs. Chathuram Bhadani, etc. reported in the Hon'ble Supreme Court has held that "In an appropriate case, if the assessee feels that a stay of recovery pending disposal of the reference is necessary or is in the interest of justice, then the assessee is entitled to apply before the appellate authority to grant a stay until disposal of the reference by the High Court or until such time as the appellate authority thought fit. But in case the appellate authority acted without jurisdiction or in excessive jurisdiction or in improper exercise of the jurisdiction, then the decision of such appellate authority can be corrected by the High Courts by issuing....