https://www.taxtmi.com/caselaws?id=307819 The court found that the Assessing Officer failed to apply correct legal principles and did not provide a speaking order when disposing of the stay application for a disputed tax demand. The court highlighted the importance of considering prima facie case, financial stringency, and balance of convenience. As the Assessing Officer did not adhere to CBDT Circulars and Instructions, the court set aside the order and directed a de novo consideration of the stay application, maintaining recovery status quo until a specified date. The Assessing Officer was instructed to reevaluate the application in accordance with the guidelines for a fair decision. en-us Wed, 19 Feb 2020 00:00:00 +0530 Tue, 09 May 2023 21:17:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307819 The court found that the Assessing Officer failed to apply correct legal principles and did not provide a speaking order when disposing of the stay application for a disputed tax demand. The court highlighted the importance of considering prima facie case, financial stringency, and balance of convenience. As the Assessing Officer did not adhere to CBDT Circulars and Instructions, the court set aside the order and directed a de novo consideration of the stay application, maintaining recovery status quo until a specified date. The Assessing Officer was instructed to reevaluate the application in accordance with the guidelines for a fair decision. Case-Laws Income Tax Wed, 19 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307819