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2020 (3) TMI 401 - HC - Income TaxStay of demand - stay of 80% of the disputed demand till disposal of the appeal, subject to payment of 20% of the demand - HELD THAT:- The petitioner to be present before the Principal Commissioner of Income Tax on 05.03.2020 at 11.30 a.m. and the request of petitioner as contained in the representation dated 07.02.2020 would be disposed of in light of the observations made above. In light of the submission that there has been attachment of bank account and in light of the direction being passed, the attachment already resorted to would be limited to ₹ 61,17,317/-. However, in light of the attachment being restricted to ₹ 61,17,317/-, the Principal Commissioner of Income Tax to dispose of the representation of the petitioner within a period not later than one week from the date of appearance of the petitioner as noticed above. All contentions of parties are kept open. It is made clear that if the Principal Commissioner of Income Tax does not decide the matter within a period of one week as stipulated, the attachment would automatically stand vacated.
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