2020 (2) TMI 1460

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....ted that the Tribunal has already granted stay in the order i.e., SP No.326/Chny/2019 vide order dated 20.12.2019: "The assessee has filed this Stay Petition bearing number 326/Chny/2019 arising out of appeal in ITA No. 3374/Chny/2019 for Assessment Year (ay) 2015-16 seeking stay of demand of disputed tax and interest amount aggregating to Rs. 37,05,16,734/- as reflected in Stay Petition filed by assessee with Income Tax Appellate Tribunal, Chennai Benches, Chennai. 2. The back ground of the assessee's case in brief is that the assessee was searched by Revenue u/s 132 of theIncome-tax Act,1961, as part of searches conducted by Revenue against Lalitha Jewellery Group of cases on 02.09.2014 , wherein Residential Premises of the assessee....

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....ucted u/s 132 of the 1961 Act but non disclosure of said surrendered income in return of income filed with Revenue for impugned ay pursuant to search can be taken as retraction of the said statement . Thus, it is the claim of the assessee that assessee wants to argue its case on merits albeit return of income was filed almost one year and 2 months post recording of statement in which it is claimed that the assessee did not disclosed the surrender income and it tantamounts of retraction which should be accepted. The Revenue authorities have rejected various contentions raised by assessee and have affirmed the additions to the tune of Rs. 20 crores in the hands of the assessee. The second additions to the tune of Rs. 76.19 crores was made by ....

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....rt Private Limited which has reserves and surplus to the tune of Rs. 289.29 crores as at 31.03.2015. The learned counsel for the assessee submitted that these transactions were not sham or circuitious transaction of purchase and sale of gold jewellery and bullion but real transactions and it is prayed that the assessee has good case and the assessee be allowed to argue its case at the earliest. The third main addition as was made by Revenue to the tune of Rs. 16.24 crores was towards treating long term capital gain claimed as an exempt by assessee u/s 10(38) of the 1961 Act as bogus/sham by Revenue authorities concurrently which was brought to tax. The authorities below have elaborately discussed after detailed investigation/analysis in the....