TravelKhana's CEO Pushpinder Singh has rejected allegations by the Central Board of Direct Taxes (CBDT) that it recovered Rs 36 lakh after "there was 'no stay' (by the company) against the notice served and also since the recovery had become due, the amount was recovered," PTI quoted CBDT spokesperson Surabhi Ahluwalia as saying. TravelKhana had filed for an appeal against the assessment order in the first week of last month along with requests for stay of action on January 15 and later on February 4 with the AO,\u00a0said Singh in a blog post on website Medium.com. "We did not receive any response to the requests. And against the principles of justice we found that accounts extracted of Rs 33 Lakh on 5th Feb 2019," he said. Ahluwalia further claimed that the assessee failed to substantiate the source of the deposit resulting in demand of Rs 2.22 crore approximately, after issuing proper show-cause notice and obtaining reply in the matter. However, Singh said the CBDT had sought a letter with details of its investors on November 23 last year for which the company had requested (in the first week of December) a month to share details of its 49 investors. "Without giving us time or denying our request for an extension, on 11 Dec 2018 the AO passed an assessment order demanding a tax+penalty of over Rs 2.1 Crore," Singh said. "The bank manager said that 4 IT inspectors came and forced the bank manager to make DDs from all accounts. The bank manager said that this is commonplace these days," Singh tweeted. While the company accounts were unfrozen by CBDT, the amount is yet to be returned. "Any of our assurance and information to the AO that we are a valid recognized startup with accredited investors fell on deaf ears," he said.