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2012 (3) TMI 288 - HC - Income TaxApplication for stay - There is a demand of Rs.5.76 Crores, based on the orders of assessment of which the principal amount due on account of tax is Rs.4.53 Crores and interest in the amount of Rs.1.23 Crores - Revenue has submitted that the Petitioner should be required to pay the balance of the demand and no case for stay has been made out - Assessing Officers and the Appellate Authorities are duty bound to act in accordance with binding precedent and there is no reason or justification to act in the manner in which the applications for stay have been disposed of in this case - it is not in dispute that many of these issues would be governed by the proceedings which are pending before the CIT (Appeals) for Assessment Years 200607 and 200708 which have been heard, but where orders are awaited - Petitions are accordingly disposed of
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