High Court orders expedited appeal process, lifts bank account attachment upon payment, remaining demand to stay pending appeal.

The High Court directed the Commissioner of Income Tax (Appeals) to expedite the appeal process filed by the petitioner and ordered the lifting of the attachment on the petitioner's bank accounts upon payment of Rs.2.10 crores by a specified date. The remaining demand amount would stay until the appeal decision.

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Issues:
1. Stay of recovery of demand sought by the petitioner.
2. Rejection of stay application by Assessing Officer.
3. Partial stay granted by Director of Income Tax.
4. Attachment of petitioner's bank accounts due to non-payment.
5. Appeal pending before Commissioner of Income Tax (Appeals).
6. Directions regarding disposal of appeal and lifting of attachment order.

Analysis:
The petitioner sought a stay of recovery of a demand amounting to Rs.34,68,87,165 for the assessment year 2009-10. The Assessing Officer rejected the stay application, leading the petitioner to approach the Director of Income Tax, who partially allowed the stay by directing payment of Rs.15 crores in instalments. However, due to non-payment of the first instalment of Rs.2.25 crores by the specified date, the respondent attached 11 bank accounts of the petitioner. The petitioner, aggrieved by the attachment order and the partial stay, approached the High Court.

The High Court noted that the petitioner had already filed an appeal pending before the Commissioner of Income Tax (Appeals). After hearing both parties, the Court directed the Commissioner of Income Tax (Appeals) to dispose of the appeal by a specified date. Additionally, the Court ordered the lifting of the attachment on the condition that the petitioner pays Rs.2.10 crores by a certain date, aligning with the payment schedule directed earlier. If the payment is made, the balance amount would remain stayed until the Commissioner of Income Tax (Appeals) passes orders in the appeal.

In conclusion, the High Court disposed of the writ petition with the mentioned observations and directions, ensuring that the appeal process is expedited and providing relief to the petitioner by lifting the attachment order upon compliance with the specified payment.

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