AO should exercise discretionary power to grant stay within Four Corners of Law

ALM Industries Ltd. Vs DCIT (Allahabad High Court) HC held that mere pendency of an appeal will not give any benefit to an Assessee, but only upon the satisfaction having been recorded by the Assessing Officer and the condition being imposed by him in each of such cases that an Assessee shall be treated to be not in default in respect of the outstanding demand of tax, which is matter of dispute in appeal. However, the word ‘discretion’, which occurs in the aforesaid provision of law, does not give a blanket power to the Assessing Officer. He has to exercise his discretion within the four c...