https://www.taxtmi.com/caselaws?id=71837 The ITAT noted that its appellate powers under section 254 of the Income-tax Act include authority to grant interim stay in appropriate cases. That discretion is exercised where the assessee shows a strong prima facie case and continuation of assessment or recovery would risk making the appeal ineffective. On the facts, the assessee had offered substantial security, the firm had been closed, and immediate assessment and recovery would cause serious hardship. The Tribunal found the balance of convenience in favour of preserving the status quo and granted stay of the proposed proceedings, subject to conditions. en-us Tue, 22 May 2001 00:00:00 +0530 Wed, 27 Apr 2011 13:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71837 The ITAT noted that its appellate powers under section 254 of the Income-tax Act include authority to grant interim stay in appropriate cases. That discretion is exercised where the assessee shows a strong prima facie case and continuation of assessment or recovery would risk making the appeal ineffective. On the facts, the assessee had offered substantial security, the firm had been closed, and immediate assessment and recovery would cause serious hardship. The Tribunal found the balance of convenience in favour of preserving the status quo and granted stay of the proposed proceedings, subject to conditions. Case-Laws Income Tax Tue, 22 May 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71837