Stay of assessment proceedings pending ITAT and section 144A applications, with time-bound interim relief and expeditious disposal.

Assessment proceedings for the relevant years were kept in abeyance pending decision of the taxpayer's stay application before the ITAT and the application under section 144A. The HC limited the stay to a fixed period or until both pending applications were decided, whichever occurred earlier, and directed expeditious disposal of those applications. The writ petition was then disposed of with these directions, preserving the interim position only until the pending proceedings were concluded.

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Issues: Whether assessment proceedings for the assessment years 1988-89 and 1989-90 should remain stayed pending disposal of the petitioner's stay application before the Income-tax Appellate Tribunal and the application under section 144A.

Outcome: The assessment proceedings were directed to remain stayed for a limited period or until both applications were decided, whichever was earlier, and the writ petition was disposed of with directions for expeditious disposal of the pending applications.

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