2018 (7) TMI 1853

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....JJ. FOR THE PETITIONER : SRI.THOMAS ABRAHAM DR.K.P.PRADEEP FOR THE RESPONDENT : SRI.CHRISTOPHER ABRAHAM, SC, INCOME TAX DEPARTMENT JUDGMENT Vinod Chandran, J. Two Co-operative Banks are the appellants-petitioners in the above cases. Since identical reliefs are sought, the appeals are together taken up for hearing. The appellants are aggrieved with the judgment of the learned Single ....

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....o have made deposits with them. 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 assessees filed appeal and then challenged the conditional order as stated above. 3. Before us also the learned Counsel appearing for the assessee's vigorously argued for a blanket stay and undertook that t....

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....resent case considerable reduction has been made and there need not be any further indulgence extended to them, 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....

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....any further details required by the First 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. 7. Considering the entire....