https://www.taxtmi.com/caselaws?id=184456 The High Court dismissed the petitions challenging the rejection of a bank's request for a stay of demand under the Income Tax Act. The bank's contention of falling within an exception to TDS deduction was not supported by recorded contentions, leading to the refusal of the stay application. The Court emphasized the need for valid reasons to grant a stay and found the bank did not meet the criteria. The bank's status as a public sector undertaking did not exempt it from statutory obligations, resulting in the dismissal of the petitions and upholding of the orders rejecting the stay of demand. en-us Fri, 18 Dec 2015 00:00:00 +0530 Sat, 09 Jul 2016 11:05:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184456 The High Court dismissed the petitions challenging the rejection of a bank's request for a stay of demand under the Income Tax Act. The bank's contention of falling within an exception to TDS deduction was not supported by recorded contentions, leading to the refusal of the stay application. The Court emphasized the need for valid reasons to grant a stay and found the bank did not meet the criteria. The bank's status as a public sector undertaking did not exempt it from statutory obligations, resulting in the dismissal of the petitions and upholding of the orders rejecting the stay of demand. Case-Laws Income Tax Fri, 18 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184456