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2020 (5) TMI 262 - HC - Income TaxStay petition - petitioner has filed an application before the PCIT seeking review of the order rejecting application for stay - HELD THAT:- The question of intervening as regards to the assessment order at this stage is not appropriate. However, as regards the contention that the consideration of application for stay and further exercise of power of the PCIT keeping in mind the circular bearing No.1914 as amended on 21.5.2017, 29.2.2016 and 31.7.2017, the request of the petitioner is to be considered in a meaningful manner. Power of granting stay has been considered by the High Court of Judicature at Madras in the case of M/s. Shriram Finance [2019 (3) TMI 1478 - MADRAS HIGH COURT] wherein, certain guidelines have been referred to in para-5 which may be taken note of. So also the manner of exercise of power of the Principal Commissioner of Income Tax is detailed in Flipkart’s case [2017 (3) TMI 802 - KARNATAKA HIGH COURT]which needs to be kept in mind. This Court refrains from expressing any opinion on the merits of contentions raised, but reiterates that the PCIT is to exercise power conferred upon him as per the circulars in a meaningful manner. The petitioner to be present before the Principal Commissioner of Income Tax and the request of petitioner as contained in the representation dated 05.02.2020 would be disposed of in light of the observations made above. PCIT to dispose of the representation of the petitioner within a period not later than one week from the date of appearance of the petitioner.
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