https://www.taxtmi.com/caselaws?id=437669 The court set aside the order rejecting the application for stay of demand notice under the Income Tax Act, 1961, due to lack of cogent reasons. The Principal Commissioner of Income Tax (PCIT) was directed to conduct a fresh review, consider the petitioner's financial situation, and scale down the deposit requirement of 20% based on the case's facts. The PCIT must grant a personal hearing, issue a notice, and pass a speaking order on the stay application. The court also instructed remittance of funds from the petitioner's bank account to the PCIT and lifted the debit freeze, allowing the National Faceless Assessment Centre (NFAC) to proceed with the pending appeal. en-us Tue, 25 Apr 2023 00:00:00 +0530 Wed, 16 Aug 2023 13:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437669 The court set aside the order rejecting the application for stay of demand notice under the Income Tax Act, 1961, due to lack of cogent reasons. The Principal Commissioner of Income Tax (PCIT) was directed to conduct a fresh review, consider the petitioner's financial situation, and scale down the deposit requirement of 20% based on the case's facts. The PCIT must grant a personal hearing, issue a notice, and pass a speaking order on the stay application. The court also instructed remittance of funds from the petitioner's bank account to the PCIT and lifted the debit freeze, allowing the National Faceless Assessment Centre (NFAC) to proceed with the pending appeal. Case-Laws Income Tax Tue, 25 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437669