CIT (Appeals) have inherent and implied powers to grant stay – HC

In high-pitched assessments, AO must ordinarily grant stay of demand Maheshwari Agro Industries Vs. UOI (Rajasthan HC) – the income assessed by the Assessing Officer is almost 47 times of the income declared by the assessee viz. Rs. 1,44,42,320/- against the declared income of Rs.3,48,140/-. The disputed demand of tax also would be almost the same multiples of the declared and admitted tax liability or may be more because of interest and penalties. The main additions are trading additions on the basis of GP rates, the validity of which is subject matter of appeal before the C.I.T. (Ap...