Stay on recovery of demand cannot be rejected merely relying on CBDT instruction

M/s. Shriram Finance Vs Pr. CIT (Madras High Court) Conclusion: Since CIT rejected assessee’s application for stay of recovery of demand merely relying of CBDT instruction which was cryptic and non-speaking as CBDT circular/instruction could not serve as a series of guidelines in the matter of grant of stay, therefore, the matter was remanded back to CIT for disposal afresh in accordance with law. Held: In the present case,  assessee had suffered an order of re-assessment and the same was pending in appeal before CIT (Appeals).Therefore, assessee after rejection by AO of stay application ap...