Stay on recovery of demand cannot be rejected merely relying on CBDT instruction

M/s. Shriram Finance Vs Pr. CIT (Madras High Court)

Conclusion: Since CIT rejected assessee’s application for stay of recovery of demand merely relying of CBDT instruction which was cryptic and non-speaking as CBDT circular/instruction could not serve as a series of guidelines in the matter of grant of stay, therefore, the matter was remanded back to CIT for disposal afresh in accordance with law.

Held: In the present case,  assessee had suffered an order of re-a

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