Financial hardship not necessary for grant of stay – HC

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 impu...