Case Law Details
Having heard the learned counsel for the parties, we find that the impugned order of the Tribunal has been passed in total disregard of the principles laid down in KEC International Ltd. Vs. B.R.Balakrishnan and others {(2001)251-ITR-158 (Bom)} wherein a Division Bench of this Court laid down the following parameters to be observed by the Authorities while considering the stay application :
“5. … … … Parameters :
a. While considering the stay application, the authority concerned will at least briefly set out the case of the assessee;
b. In cases where the assessed income under the impugned order far exceeds returned income, the authority will consider whether the assessee has made out a case for unconditional stay. If not, whether looking to the questions involved in appeal, a part of the amount should be ordered to be deposited for which purpose, some short prima facie reasons could be given by the authority in its order;
c. In cases where the assessee relies upon financial difficulties, the authority concerned can briefly indicate whether the assessee is financially sould and viable to deposit the amount if the authority wants the assessee to so deposit;
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