2018 (8) TMI 1152

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....e Tax<br>MR. K. VINOD CHANDRAN AND MR ASHOK MENON, JJ. APPELLANT (S) : SRI.V.G.ARUN SRI.T.R.HARIKUMAR SRI.JAIBY PAUL SRI.ARJUN RAGHAVAN AND SRI.ADITHYA RAJEEV For The RESPONDENT(S) : SRI.CHRISTOPHER ABRAHAM, INCOME TAX DEPARTMENT JUDGMENT Vinod Chandran, J. The petitioner, Aruvikkara Farmers Service Cooperative Bank Ltd., is before us in this Writ Appeal against the judgment of the ....

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....The Income Tax Officer, drawing adverse inference, treated the deposits as unexplained cash credits and assessed the same under Section 68 of the Act. The assessee filed appeal and then challenged the conditional order as stated above. 3. Before us also the learned Counsel appearing for the assessee vigorously argued for a blanket stay and undertook that the entire details will be produced befo....

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....been made and there need not be any further indulgence extended to it, is the contention. The learned Standing Counsel would also submit that verification of the genuineness of the depositors would require some time and may also warrant a report from the Assessing Officer, who could be directed to examine the genuineness on the basis of the details supplied. This necessarily would take time and in....

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....st Appellate Authority or the Assessing Officer on a report being called for by the First Appellate Authority. The same shall be done within the time stipulated by the First Appellate Authority or the Assessing Officer on directions of the First Appellate Authority. In any event, we do not think that a blanket stay can be granted. Considering the entire circumstances as also the failure of the ....