TMI Blog2020 (5) TMI 262X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 conta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his application for stay. 3. It is further contended that the application for stay ought to be disposed off in light of the Circular bearing No.1914, further amended on 25.01.2017, 29.02.2016 and 31.07.2017 and also keeping in mind the observations made by the High Court of Judicature at Madras in the case of M /s. Shriram Finance v. Principal Commissioner of Income Tax (1) and Others (W.P.No.5425/2019 W.P.Nos.6166 6168/2019 decided on 01.03.2019) as well as the order of this Court in the case of Flipkart India Private Limited v. The Assistant Commissioner of Income Tax (W.P.Nos.1339-1342/2017 decided on 23.02.2017). 4. Learned counsel appearing for the Revenue submits that the petition is premature and no doubt, the Princi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the grounds as made out by the assessee that assessment is unreasonably high pitched or the requirement of deposit would lead to genuine hardship being caused to the assessee. The said aspect needs to be kept in mind when considering the request of the petitioner for review of order of stay as ordered herein. 6. It is submitted by the petitioner that in terms of the procedure prescribed under the circular, the petitioner has filed an application before the PCIT seeking review of the order rejecting application for stay. 7. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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