2020 (11) TMI 264

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....he assessment orders passed u/s.153A of the Income Tax Act [Act] in pursuant to the search and seizure action carried on 27-08-2009. 2. The Ld.AR of the assessee has submitted that after the relief granted by the CIT(A), the total disputed demand in these cases for three years is Rs. 1.85 Crores, however, the majority of the demand is arising from the additions made by the Assessing Officer, without any incriminating material found or seized during the course of search and seizure action or post search enquiries, but all these items were already recorded in the books of accounts of the assessee and the assessment for the AYs.2005-06 and 2006-07 were not pending on the date of search. Hence, the Ld.AR has submitted that when the assessmen....

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....e provisions of Section 254(2A) of the Act stay may be granted only after the payment of at-least 20% of the outstanding demand. 4. We have considered the rival submissions as well as relevant material on record. The demand-in-question has arisen due to the addition made by the Assessing Officer in the assessment proceedings u/s.153A of the Act. Though, the assessee has raised the objection against the validity of the additions made by the Assessing Officer for the AYs.2005-06 and 2006-07 for want of any incriminating material found or seized during the course of search u/s.132 of the Act, disclosing any un-disclosed income, however, at the stage of deciding the stay petitions, it is not possible to express any opinion on this aspect as ....