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2012 (7) TMI 75 - HC - Income TaxPetition against dismissal of stay petition by CIT(A) - Held that:- This court in the matter of KEC International Ltd. v. B.R. Balakrishnan & Ors., (2001 (3) TMI 32 (HC)) has laid down the parameters for granting stay pending the disposal of the Appeals. It is laid that while considering/deciding the stay application, the authority must (i) briefly state the case of the party; (ii) consider whether the party has made out a case for unconditional stay; (iii) the financial difficulty if pleaded be considered and (iv) in case the authority concerned comes to the conclusion that by granting of stay the assessee is likely to defeat the claim of the department then brief reasons for the same be indicated. In the present case, CIT(A) has completely ignored the parameters laid down by this court in the matter of KEC Ltd. and has passed an order without considering all the submissions of the petitioners and also failing to point out as to why the interim payment of 50% of demand is necessary in the facts of the present case. Therefore, order of CIT(A) is set aside and is directed to pass a fresh order with reasons on the petitioner’s stay application. Notices issued u/s 226(3) to the various bankers of the petitioners will continue.
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