Rejection of stay application merely because it will not cause any genuine hardship to assessee

It is observed that when the appeals of the assessee challenging the imposition of penalty were pending before the ld. CIT(A) and the prayer of the assessee for stay of outstanding demand on account of the said penalty was rejected by the revenue authorities, the assessee had moved writ petitions before the Hon’ble Bombay High Court and vide two separate orders passed on 13th January 2013, their lordships granted the stay of outstanding demand subject to the payment of Rs. 50,00,000/- for each of the two years after considering all the submissions made on behalf of the assessee which hav...