2014 (7) TMI 691

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....account from Delhi to Chennai, under Section 68 of the Income Tax Act, as 'unexplained credit'. The petitioner in W.P.No.702 to 707 of 2014, who is the wife of the petitioner in W.P.Nos.673 to 678 of 2014, also took a similar stand. According to the petitioners, in these writ petitions, by no stretch of imagination, the transfer of fund from their own bank accounts cannot be termed as 'unexplained credit' and high pitched assessments were made ranging from 2.76 times to 11.24 times, which resulted in the huge tax demand of Rs. 1,71,92,770/- for the assessment years 2006-07 to 2011-12 and a sum of Rs. 91,07,655/- for the assessment years 2005-06 to 2011-12. The petitioners challenging the legality of the assessment orders, fi....

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....sessment, the writ petitioners are entitled to blanket order of demand of stay. 3. Per contra, the learned Standing counsel appearing for the Revenue has drawn the attention of this Court to the counter affidavit filed by the first respondent and would submit that the assessment orders came to be passed after giving due and full opportunity to the respective assessees and they failed to prove various sources of income, loans taken from the third parties and cash flow statement, which resulted in the additions being made and if the authorities have to exercise the discretionary power of stay, the petitioners have to deposit at least 25% of the demanded tax amount. 4. In response to the said statement, the learned counsel for the petitioner....