AO must give reasonable time to assessee after rejecting stay application before initiating recovery proceedings

CA Sandeep Kanoi Recently Delhi High Court has in the case of Sony India Pvt. Ltd vs. ACIT held that It is expected of from Assessing Officer, having rejected the stay application, to wait for a reasonable period before he takes coercive steps to recover the amounts since the petitioner, faced with an order rejecting the stay application, may need some time to make arrangements to pay the entire tax demand or come up with proposals for paying the same in instalments. Section 156 of the Act provides for the service of the notice of demand in the prescribed form pursuant to the framing of the a...