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2022 (11) TMI 1212 - HC - Income TaxStay of demand - direction for deposit of 20% of the disputed amount of tax - HELD THAT:- In the instant case, the Deputy Commissioner of Income Tax while passing the order dated 30.08.2022 had solely relied upon the circular of 2016, which was partially modified in the year 2017 and directed for deposit of 20% of the disputed amount of tax and rejected the stay application while the Principal Commissioner of Income Tax proceeded to consider the audit report and balance sheet partially and considering the assets while ignoring the liability part had rejected the stay application holding the financial position of the petitioner to be strong enough and directed for depositing 20% of the disputed amount of tax. This Court finds that while considering the stay application, neither the Deputy Commissioner of Income Tax nor Principal Commissioner of Income Tax had considered three basic principles i.e. prima facie case, balance of convenience and irreparable loss, as held by Delhi High Court in Tata Teleservices Limited [2022 (3) TMI 1403 - DELHI HIGH COURT] In the result, the writ petition is partly allowed. The orders impugned are hereby set aside and the matter is remitted back to the Deputy Commissioner of Income Tax, Circle 3(1)(1), Muzaffarnagar for consideration of stay application of the petitioner afresh.
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