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2019 (3) TMI 1 - HC - Income TaxStay petition - recovery proceedings - payment of 15% of the disputed demand - AO rejected petition by way of a non-speaking order - HELD THAT:- AO insisted on payment of significant portions of the disputed demand prior to grant of stay resulting in extreme hardship for tax payers. Assessing Officer ought to have taken note of the conditions precedent for the grant of stay as well as the Circulars issued by the CBDT and passed a speaking order. Of course the petition seeking stay filed by the petitioner is itself cryptic. As relying on MAHENDRA MILLS AND ANOTHER [2000 (3) TMI 3 - SUPREME COURT] notwithstanding the assessee may not have specifically invoked the three parameters for the grant of stay, it is incumbent upon the assessing officer to examine the existence of a prima facie case as well as call upon the assessee to demonstrate financial stringency, if any and arrive at the balance of convenience in the matter. Set aside impugned order dated 25.01.2019. AO is directed to pass orders de novo on the stay application filed by the petitioner in the light of the discussion as aforesaid, after hearing the petitioner, within a period of four weeks from date of receipt of a copy of this Order
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