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Issues: Whether notice should be issued in the petition and whether operation of the impugned order should be stayed pending the next hearing.
Analysis: The petitioner's grievance was that compliance with the impugned order would require conduct contrary to the Income-tax Act, 1961 and also affect the petitioner's arrangements with the banks. In view of these contentions, the matter was taken up for further consideration and interim protection was considered appropriate pending the next date.
Outcome: Notice was issued to the respondent, returnable on the next date, and an ad interim stay of the impugned order was granted till then.