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2017 (8) TMI 488 - HC - Income TaxStay of the demand - Levying a penalty under Section 271(1)(c) - Held that:- Petitioner, has produced before this Court a copy of OM dated 31st July, 2017 which modifies the earlier OM, dated 29th February, 2016, issued by the Central Board of Direct Taxes (‘CBDT’) stating that standard rate for grant of stay had been revised from 15% to 20% of the disputed demand. The impugned order clearly makes no reference to the central issue in the pending appeal or the grievance of the Petitioner regarding the order passed by the AO. The impugned order in short is without reasons and is therefore unsustainable in law. For the above reasons, the impugned order is set aside and a direction is issued that the Petitioner’s application will once again be heard by the PCIT on merits and without reference to the OM dated 31st July, 2017, which, on the face of it, appears to curtail his discretion. The PCIT will dispose of the application with a reasoned order not later than two weeks from the date of receipt of this order. The CIT (A) shall also consider the request of the Petitioner for an expeditious disposal of the appeal.
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