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2016 (7) TMI 752 - HC - Income TaxStay application - recovery of tax - demand issued consequent to the assessment orders passed for the two assessment years 2012-13 and 2013-14 were stayed subject to petitioners paying 15% of the demand raised in each of the two assessment years as a condition precedent - Held that:- As in the present facts, the ends of justice would be met if the petitioner files an application with the Principal Commissioner of Income Tax / Commissioner of the Income Tax within a period of one week from today seeking a review of the order dated 6th April, 2016 passed by the Assessing Officer. Needless to state that if such an application is made for review by the petitioners, the Principal Commissioner of Income Tax / Commissioner of Income Tax would consider and dispose it in accordance with the parameters as laid down by this Court in KEC International Ltd. (2001 (3) TMI 32 - BOMBAY High Court ) for disposing applications for stay. Further, in case the petitioner files its applications for review of the two orders dated 6th April, 2016 before the Commissioner of Income Tax within a period of one week from today, the Officers of the Revenue will not act further upon the Notices issued under Section 226(3) of the Act to the petitioners' bankers till such time as the Commissioner of Income Tax disposes the petitioners' applications and for a further period of two weeks from the receipt of the orders of the Commissioner of Income Tax by the petitioner. However, it is made clear that though the attachment of the petitioners' Bank Accounts made by the Notices dated 8th June, 2016 would continue, the Revenue is restrained from acting further consequent to the attachment i.e. withdrawing the amounts and / or giving any further directions in respect of the frozen / attached account.
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