Court directs timely consideration of condonation & stay applications, assessing officer to issue reasoned order post hearing.

The court directed the Chairman, CBDT, to consider and dispose of the petitioner's application for condonation of delay within six weeks and the application for stay of demand within eight weeks. The assessing officer was instructed to pass a reasoned order on the stay of demand after providing an opportunity for the petitioner to be heard.

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Issues involved:
The issues involved in the judgment are the relief of direction upon the Chairman, Central Board of Taxes to consider and dispose of the application for condonation of delay under Section 119(2)(b) of the Income Tax Act, 1961, and the stay of demand for the relevant assessment year.

Relief of direction upon the Chairman, Central Board of Taxes:
The petitioner filed a writ petition seeking direction upon the Chairman, Central Board of Taxes to consider and dispose of its application for condonation of delay under Section 119(2)(b) of the Income Tax Act, 1961, in filing Form-10-IC read with Section 115BAA, of the Act relating to assessment year 2021-2022. The petitioner also prayed for a stay of demand for the relevant assessment year until the disposal of such application by the Board. The court, after considering the facts and circumstances of the case and submissions of the parties, disposed of the writ petition by directing the Chairman, CBDT, to consider and dispose of the petitioner's application within six weeks from the date of communication of the order. The assessing officer was also directed to consider and dispose of the application for stay of demand within eight weeks from the date of communication of the order.

Stay of demand for the relevant assessment year:
The petitioner had made an application for stay of demand before the assessing officer concerned on 6th December, 2022. The court directed the assessing officer to consider and dispose of the application for stay of demand by passing a reasoned and speaking order in accordance with the law after giving an opportunity of hearing to the petitioner or its authorized representatives within eight weeks from the date of communication of the order. The writ petition was disposed of with these observations.

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