Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
The ITAT held that a stay of demand can only be granted u/s 254(2A) subject to deposit of 20% of disputed demand or furnishing security. The Tribunal cannot violate statutory provisions. The power to grant stay u/s 254(2A) must be read with 254(1) to avoid redundancy. A conditional stay may be granted even when issues are covered by judicial precedents in favor of the assessee. In this case, with a large attachment in place, no further payment is required. If the attachment is lifted, the assessee must deposit 20% of the outstanding liability. The assessee must cooperate and not delay the appeal process. The stay order is valid for 180 days or until appeal disposal, with no unnecessary adjournments allowed.
The ITAT held that a stay of demand can only be granted u/s 254(2A) subject to deposit of 20% of disputed demand or furnishing security. The Tribunal cannot violate statutory provisions. The power to grant stay u/s 254(2A) must be read with 254(1) to avoid redundancy. A conditional stay may be granted even when issues are covered by judicial precedents in favor of the assessee. In this case, with a large attachment in place, no further payment is required. If the attachment is lifted, the assessee must deposit 20% of the outstanding liability. The assessee must cooperate and not delay the appeal process. The stay order is valid for 180 days or until appeal disposal, with no unnecessary adjournments allowed.
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