Tribunal cannot stay demand beyond maximum period of 365 days

Karnataka High Court Ruling: The Tribunal is not authorized to extend stay of demand beyond maximum period of 365 days. The decision of Tribunal to extend stay of demand beyond 365 days amounted to contravention of provisions of the law.( Ecom Gill Coffee Trading Private Limited and B. Fouress Private Limited v. CIT (ITA. No. 160&161/2012)] Facts: The Bangalore Bench of Income tax Appellate Tribunal (Tribunal) granted stay of demand beyond 365 days to Ecom Gill Coffee Trading Private Limited and B. Fouress Private Limited (the assessees). The revenue authorities appealed the aforesaid stay...