TaxTMI 
TaxTMI 
2023 (2) TMI 727
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....the assessment year 2017-2918 be stayed. 2. Issue notice. 3. The learned counsel appearing for the respondents accepts notice. 4. The petitioner has appealed the said assessment order dated 30.09.2021 before the National Faceless Appeal Center. The petitioner seeks that the demand of Rs.54.78 crores determined pursuant to the said assessment order be stayed till the disposal of the appeal. 5. The petitioner had made an application to the Jurisdictional Commissioner for stay of the said demand. The Jurisdictional Commissioner passed an order dated 21.12.2022, calling upon the assessee to make a payment of at least 20 per cent of the outstanding demand. The said order further states that the stay of demand shall be granted only after the ....
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....d at Rs. 46,07,78,600/-. It is the petitioner's case that in consideration of the said property, it had issued a share capital of Rs.46,07,78,600/-. The Assessing Officer has not disputed that the assessee had acquired the said property from its holding company at a value of Rs.46,07,78,600/- and had issued shares against the consideration for the said asset. However, according to the Assessing Officer, the valuation report submitted by the assessee "is not fulfilling the criteria of merits". The Assessing Officer had also sought a departmental evaluation report but admittedly, no such report had been received. The relevant extract of the assessment order reads as under: "7.2 Further, the submission of the assessee in respect of issue....
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.... of the above, the value of the movable and immovable assets which is taken as the basis of the issue of share of Rs. 46,07,78,600/- by the assessee is not acceptable in toto. The submission in this regard given by assessee is not sufficient to prove the genuineness of the issue of share to the IGEPL. Hence, the issue of 46,07,786 equity shares (face value of Rs. 100 each) is not found genuine. Hence, the value of the same i.e. Rs. 46,07,78,600/- is treated as unexplained share capital and added to the total income of assessee for the A.Y. 2017-18 u/s 68 of the I.T. Act. The income assessed u/s. 68 of the Act is taxed u/s 115BBE. Penalty proceedings U/s. 271AAC of the I.T. Act is initiated separately." 10. It is relevant to refer to Secti....