During stay application pendency A.O. cannot ask banks to pay tax of taxpayer 

Advertisement Pirna Urban Co-Oeprative Credit Society Ltd. Vs ITO (Bombay at Goa High Court) The issue under consideration is the notice issued by the Income Tax Officer (ITO) to the petitioner’s bank i.e. Ratnakar Bank Ltd., requiring the bank to remit an amount of 2,33,42,040/- as dues towards the payment of income tax by the petitioner. It is clear that the demand can be stayed by the ITO provided, the assessee, pays 20% of the demanded amount pending the appeal against the assessment order. The 20% of the demanded amount comes approximately to 213,37,462/-. It is not as if the pet...