2018 (12) TMI 1495

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....None For the Respondent : Shri. AR V Sreenivasan, JCIT ORDER PER ABRAHAM P. GEORGE, ACCOUNTANT MEMBER Assessee through this stay petitions pleads for stay of recovery of tax and interest aggregating C43,77,773/- for assessment year 2008-09 and C80,60,728/- for assessment year 2009-2010. 2. When the stay petition was called up for hearing nobody appeared for the assessee. 3. We fi....

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....ssession of the property and had received a sum of C50,00,000/- on the date of agreement. Assessee claimed that deposits made on various dates in the bank account, mentioned hereunder represented consideration received from Shri. S.D. Sethu and Shri. Palani. Date of receipt Amount (C) 04.03.2008 25,00,000 15.03.2008 7,00,000 24.07.2008 50,00,000 02.08.2008 20,00,000 ....

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....letely denied paying any money other than C25,00,000/- on 07.01.2008 and feigned ignorance of any other transactions. That apart, lower authorities had also examined the Village Administrative Officer Shri. R. Devaraj who had stated that land was converted to saleable plots, when he conducted inspection in November, 2015. No doubt, Village Administrative Officer did say that the Revenue record ref....