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The Income Tax Appellate Tribunal (ITAT) holds the power to grant stay of the operation of an order under challenge during its pendency, if non-granting of stay would render the appeal nugatory for the assessee upon success. Re-assessment proceedings are independent and cannot be considered a consequence of the impugned order cancelling registration. The PCIT (Central)-2, Delhi had jurisdiction to cancel the registration u/s 12AB with retrospective effect, as per precedents. The assessee's claim of carrying activities per trust objects is prima facie contradicted by materials gathered during a survey, indicating involvement in stopping coal-based power plants and mines, utilizing funds from foreign entities. The assessee failed to satisfy conditions of prima facie case, irreparable loss, and balance of convenience for granting stay, as its activities prima facie contradict trust objects and cause potential irreparable loss to the nation's energy requirements. Precedents cited by the assessee were distinguishable on facts. Consequently, the ITAT rejected the assessee's stay application.
The Income Tax Appellate Tribunal (ITAT) holds the power to grant stay of the operation of an order under challenge during its pendency, if non-granting of stay would render the appeal nugatory for the assessee upon success. Re-assessment proceedings are independent and cannot be considered a consequence of the impugned order cancelling registration. The PCIT (Central)-2, Delhi had jurisdiction to cancel the registration u/s 12AB with retrospective effect, as per precedents. The assessee's claim of carrying activities per trust objects is prima facie contradicted by materials gathered during a survey, indicating involvement in stopping coal-based power plants and mines, utilizing funds from foreign entities. The assessee failed to satisfy conditions of prima facie case, irreparable loss, and balance of convenience for granting stay, as its activities prima facie contradict trust objects and cause potential irreparable loss to the nation's energy requirements. Precedents cited by the assessee were distinguishable on facts. Consequently, the ITAT rejected the assessee's stay application.
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