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of <h1>Court Stays Assessment Orders Pending AAR Ruling</h1> <h3>Mastercard Asia Pacific Versus Union of India and Ors.</h3> Mastercard Asia Pacific Versus Union of India and Ors. - TMI Issues: Stay of final assessment order pursuant to AAR Ruling for Assessment Years 2018-19, 2019-20, and 2020-21 during the pendency of the writ petition.In the present case, the petitioner sought a stay on the passing of final/draft assessment orders for Assessment Years 2018-19, 2019-20, and 2020-21 following an AAR Ruling. Despite interim orders staying the assessment orders, the Assessing Officer insisted on passing them by a specific date. The court noted the previous stay orders and observed that passing assessment orders during the ongoing proceedings would not be appropriate, especially when the petitioner had fully deposited the tax amount. The court emphasized consistency and clarified that the stay order applied to all assessments related to the AAR Ruling until the disposal of the writ petition. The respondents were granted the benefit of Explanation 1(ii) of Section 153 of the Income Tax Act. Consequently, the court disposed of the application, directing the order to be uploaded on the website and forwarded to the counsel via email.
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