https://www.taxtmi.com/caselaws?id=345807 The court held that the recovery notice issued under Section 226(3) of the Income Tax Act was premature as the appeal and stay application were pending. The petitioner's declared income of Rs. 15,07,690 was assessed at Rs. 21,62,18,744, over 133 times the initial amount, leading to the challenge. The court emphasized protecting the petitioner's interests until the stay application was decided, directing the assessing officer to evaluate the assessment's reasonableness. It ordered no coercive steps during the stay application, urging a speedy appeal resolution within three months for justice. en-us Thu, 13 Jul 2017 00:00:00 +0530 Thu, 27 Jul 2017 08:15:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345807 The court held that the recovery notice issued under Section 226(3) of the Income Tax Act was premature as the appeal and stay application were pending. The petitioner's declared income of Rs. 15,07,690 was assessed at Rs. 21,62,18,744, over 133 times the initial amount, leading to the challenge. The court emphasized protecting the petitioner's interests until the stay application was decided, directing the assessing officer to evaluate the assessment's reasonableness. It ordered no coercive steps during the stay application, urging a speedy appeal resolution within three months for justice. Case-Laws Income Tax Thu, 13 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345807